Pakistan: Saudi Arabia to deposit $3 billion with state bank

October 27, 2021 GMT

ISLAMABAD (AP) — Pakistan said Wednesday that Saudi Arabia will deposit $3 billion into its central bank to help bolster the cash-strapped fellow Islamic nation’s shrinking foreign reserves.

Shaukat Tarin, Pakistan’s top finance ministry official, also said on Twitter that Saudi Arabia will additionally supply 1.2 billion worth of oil to Pakistan on credit.

The latest development comes two days after Prime Minister Imran Khan returned from a visit to Saudi Arabia.

Pakistan’s economy is currently under pressure because of an increase of oil prices in the international market. Khan has repeatedly increased oil prices at home, drawing criticism from his countrymen.

Saudi Arabia is a close Pakistani ally and a leading supplier of oil to Islamabad.