Saudi Arabia has assured Pakistan of full financial support to help manage economic pressures linked to the ongoing Middle East conflict.
The assurance came during a meeting in Islamabad between Prime Minister Shehbaz Sharif and Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan.
Officials said the Saudi minister reaffirmed the kingdom’s confidence in Pakistan’s economy and appreciated its role in facilitating dialogue between the United States and Iran.
Pakistan has reportedly requested at least $5 billion in fresh loans along with an oil financing facility worth $1.2 billion annually. Islamabad has also sought a five-year extension of the existing oil facility set to expire soon.
Currently, Pakistan is utilizing a $5 billion Saudi cash deposit facility and is aiming to expand it further to strengthen foreign exchange reserves amid mounting financial obligations.
The country is scheduled to repay approximately $4.8 billion this month, including $3.5 billion owed to the United Arab Emirates, increasing pressure on its external account.
Officials warned that without fresh inflows, Pakistan’s reserves could fall to around $11.5 billion, posing risks to economic stability and its commitments under the International Monetary Fund program.
Both sides also discussed enhancing cooperation in trade and investment, with Saudi Arabia reaffirming its commitment to strengthening long-standing economic ties with Pakistan.
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