Saudi Arabia commits $3b in additional deposits: FM
Aurangzeb says this would help reinforce foreign exchange reserves, strengthen the country’s external account
WASHINGTON
Finance Minister Muhammad Aurangzeb says Saudi Arabia has committed three billion dollars in additional deposits for Pakistan.
Talking to the media in Washington D.C, he said the disbursement is expected in the coming week.
The Finance Minister said the existing five billion dollar Saudi deposit would no longer remain subject to the earlier annual rollover arrangement and would instead be extended for a longer period.
Muhammad Aurangzeb said this support comes at a critical time for Pakistan’s external financing needs and would help reinforce foreign exchange reserves and strengthen the country’s external account.
He reiterated the government’s commitment to maintaining reserves in line with its obligations to markets and under the IMF-supported programme, including the objective of achieving around 18 billion dollars in reserves by the end of the fiscal year.
The Finance Minister noted that Pakistan successfully repaid its 1.4 billion dollar Eurobond last week and reaffirmed that the government remained fully committed to meeting all upcoming external obligations and maturities on time. He emphasized that Pakistan’s external financing plan is clearly defined and being implemented in a responsible and disciplined manner.
The Finance Minister expressed profound gratitude to the leadership of the Kingdom of Saudi Arabia for their continued support and close cooperation. He particularly appreciated the efforts made to bring the support package to fruition. Muhammad Aurangzeb also acknowledged the role of Pakistan’s political and economic leadership in securing and operationalizing the support.
