Saudi Arabia Extends $5 Billion Deposit, Announces Additional $3 Billion Support for Pakistan

Saudi Arabia has announced a significant financial boost for Pakistan by extending its existing $5 billion deposit and committing an additional $3 billion to support the country’s foreign exchange reserves.

Pakistan’s Finance Minister, Muhammad Aurangzeb, shared the development during a media briefing at the Pakistani Embassy in Washington. He described the move as a major economic relief for Pakistan, particularly at a time when strengthening foreign reserves remains a key priority.

According to the minister, the newly announced $3 billion deposit is expected to be transferred to Pakistan within the coming week. This additional support will help stabilize the country’s external account and improve overall financial confidence.

Aurangzeb further revealed that Saudi Arabia has not only extended the tenure of the existing $5 billion deposit but has also shifted its structure from annual rollovers to a longer-term arrangement. This change is expected to provide Pakistan with greater financial stability and predictability.

The finance minister also highlighted his meeting with Saudi counterpart Mohammed bin Abdullah Al-Jadaan, calling it highly productive. He expressed gratitude for Saudi Arabia’s continued support during challenging economic times.

Looking ahead, Aurangzeb stated that Pakistan aims to raise its foreign exchange reserves to $18 billion by the end of the current fiscal year. He assured international investors that all bond repayments will be made on time, reinforcing Pakistan’s commitment to financial discipline.

He also invited global investors to explore opportunities in Pakistan, noting that the country’s economic outlook is improving and gaining international recognition.

The minister credited Prime Minister Shehbaz Sharif and Chief of Army Staff Field Marshal Syed Asim Munir for their leadership in securing this support, while also acknowledging the contributions of Deputy Prime Minister Ishaq Dar and State Bank Governor Jameel Ahmad.

The announcement underscores strengthening economic ties between Pakistan and Saudi Arabia and signals growing confidence in Pakistan’s financial recovery efforts.