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Pakistan looks for emergency Saudi Arabia $3b in cash

Saudi Arabia
Saudi Arabia


Pakistan asked Saudi Arabia on Wednesday for an immediate $3 billion financial infusion after its foreign exchange reserves reached an extremely low level. The country’s new army leader was also anticipated to play a role in securing the bailout during his planned first visit to the Kingdom.

According to representatives from his ministry, the request was made by Finance Minister Ishaq Dar at a meeting with the Saudi envoy, Nawaf bin Said Al-Malki.

The finance minister met with foreign diplomats for the second day in a row in an effort to secure their financial assistance and persuade the International Monetary Fund (IMF) to relax its restrictions on delivering the country’s $1.2 billion tranche.

Dar requested a $3 billion cash rescue in addition to rolling over the prior debt by the same amount.

Nevertheless, there is a pressing need for action because the nation’s foreign exchange reserves have dropped below $7 billion for the first time since January 2019. Approximately $6.7 billion in reserves are available at the moment, which is nearly the same amount as on January 18, 2019.

According to the sources, the $6.7 billion reserves are insufficient to cover the $8.8 billion in principal and interest payments due between January and March of the current fiscal year.

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