Pakistan likely to get additional $3b aid from Saudi Arabia; COAS visit scheduled

Amid the severe financial crisis, Pakistan is likely to get an additional $3 billion in financial aid from Saudi Arabia, whereas, Chief of Army Staff (COAS) General Asim Munir is expected to pay his maiden visit to the KSA.

Saudi Arabia will help Pakistan’s finances, according to Finance Minister Mohammed Al Jadaan, as it looks to help shore up alliances with countries struggling with the impact of rising inflation, according to Bloomberg.

The Saudi government will “continue to support Pakistan as much as we can,” Al Jadaan said at a press conference in Riyadh.

The kingdom has taken several steps to provide financial support to countries in the region as it looks to bolster allies and cement new relationships.

It extended the term of a $3 billion deposit to boost foreign currency reserves and help Pakistan in overcoming economic repercussions.

Saudi Arabia has once again come forward to support Pakistan amid the financial crisis when the country’s foreign exchange reserves dropped to $6.7 billion which is equivalent to a two-day import expenditure.

According to the State Bank of Pakistan (SBP) data, the central bank’s reserves fall by $784 million to $ 6.7 billion – the lowest since January 18 – 2019.

The total reserves stood at $12.6 billion after going down by $797 million, whereas, the banks’ reserves are $5.9 billion after going down by $13 million.

Sources told News360 that COAS General Asim Munir is also expected to pay his maiden visit to Saudi Arabia where he will meet top government and military leadership.