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Saudi Arabia will bail out Pakistan from financial crisis, says Saudi Finance Minister

ISLAMABAD: Saudi Finance Minister Mohammed Al Jadaan said that Saudi Arabia will bail out Pakistan from the financial crisis.

Saudi Minister said that Saudi assistance will support Pakistan to sort out its financial problem and build up reserves.

Saudi Finance Minister Mohammed Al Jadaan stated this on Thursday at a press conference in Jeddah.

He said that Saudi Arabia is trying to develop alliances with countries that are struggling with rising inflation.

He also said that Saudi Arabia will continue to extend financial support to Pakistan as much as is possible.

A couple of days ago, Finance Minister Ishaq Dar held a meeting with Saudi Ambassador Nawaf bin Said Al-Malki in Islamabad and had thanked him for rescheduling a $3 billion loan to Pakistan.

Dar has also requested Saudi authorities to hep Pakistan with another 3 to 4 billion dollars loan as early as possible as SBP’s reserves have declined to $6.71 billion by Dec 2, 2022.

The money has been parked in Pakistan’s accounts but for all intents and purposes it cannot be touched by Pakistan. Earlier in the week, Saudi Arabia extended the term of the deposit.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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