Bloomberg reported on Thursday that Saudi Arabia will assist and support Pakistan’s financial situation as it seeks to strengthen relationships with nations that are struggling due to rising prices.
Mohammed Al Jadaan, the finance minister of Saudi Arabia, made the remarks during a news conference in Riyadh. He declared that “as far as we can,” the Saudi government will “continue to help Pakistan.”
As Pakistan desperately needs financial assistance from foreign allies, the KSA has taken a number of actions to support Pakistan financially in an effort to strengthen its partnerships.
The Saudi Arabian finance minister also said that Riyadh was aiming to increase its investments in Egypt and was preparing to begin signing contracts in Turkey.
He stated that “our relationship with Turkey is substantially developing, and we hope to have investment prospects.”
“We quickly began investing in Egypt, and we will continue to hunt for investment possibilities. Investment opportunities are more crucial than deposits. Deposits may be withdrawn, but investments are not.
$3 billion down payment
Saudi Arabia extended the period of a $3 billion investment earlier this month to increase foreign exchange reserves and aid Pakistan in recovering from the devastating floods’ economic effects.
The Saudi Fund for Development (SFD) extended the time for the deposit granted by the Kingdom of Saudi Arabia in the amount of $3 billion to the State Bank of Pakistan, according to the State Bank of Pakistan’s announcement.
The SBP said that the extension of the deposit period was a “continuation of the support offered” by Riyadh to Pakistan in order to maintain its foreign exchange reserves and enable it to “stand the economic ramifications of the COVID-19 epidemic.”
The deposit has also helped Pakistan achieve its goal of overcoming “challenges in the external sector and attaining sustained economic growth.”The Saudi Fund for Development (SFD) acknowledged the deposit’s rollover for a year in September of this year. On December 5, it was supposed to reach maturity.