Pakistan has secured an extension of Saudi Arabia’s $3 billion financial support, Finance Minister Muhammad Aurangzeb said on Wednesday.
Speaking to reporters at Parliament House, Aurangzeb confirmed that the Saudi loan had been rolled over for a further period. He said the matter had been deferred for an appropriate period following discussions between the two countries.
The finance minister said he had held a productive meeting with his Saudi counterpart and expressed confidence in the strong relationship between Pakistan and Saudi Arabia.
Aurangzeb also said Pakistan did not currently need any additional financial assistance from the kingdom.
He added that the country’s foreign exchange reserves were sufficient to cover around three months of imports, while the government was working to avoid concentrating external debt repayments in any particular year.
The rollover provides support to Pakistan’s external financing position as the country continues to manage its foreign debt obligations and strengthen its foreign exchange reserves.
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