Talks over supporting $3bn deposit in central bank

Saudi Arabia and Pakistan will discuss the possibility of supporting the Kingdom’s $3 billion deposit in Pakistan’s central bank by extending its term “or through other options,” a joint statement carried by Saudi state news agency SPA said.

Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank to help support its foreign reserves.

With a yawning current account deficit and foreign reserves falling to as low as $10.8 billion, Pakistan is in dire need of external finances.

Pakistan also welcomed a Saudi decision to extend an agreement to finance exports of crude oil products and oil derivatives, SPA reported.

The statement came after a visit by Pakistani Prime Minister Shehbaz Sharif to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman.