Saudi Arabia to provide $3B to Pakistan amid debt repayment obligations to UAE

Pakistan’s finance minister confirmed late Tuesday that Saudi Arabia has agreed to provide $3 billion in financial assistance to Islamabad to avert stress on its weak foreign reserves amid debt repayment obligations to the United Arab Emirates, Anadolu reports. Muhammad Aurangzeb, who is in Washington to hold staff level talks with the International Monetary Fund (IMF), told reporters that Riyadh will provide the promised amount next week, Pakistani broadcaster Geo News reported Wednesday. “We have held a detailed meeting with the Saudi finance minister today. He has clearly told (me) that $3 billion will be provided (to Pakistan) as additional deposits,” Aurangzeb was quoted as saying. The development comes as Pakistan is set to repay a $3.5 billion debt to the […]