Skip to content Skip to Search
Skip navigation

Pakistan seeks $4.2bn from Saudi Arabia amid forex crunch

The Saudi deposit into Pakistan’s central bank was intended to strengthen the country's economy REUTERS/Akhtar Soomro
The Saudi deposit into Pakistan’s central bank was intended to strengthen the country's economy

Pakistan has sought $4.2 billion from Saudi Arabia after foreign exchange (forex) reserves reached a critically low level, ARY News reported, citing sources.

Finance minister Ishaq Dar requested Saudi Arabia to urgently provide a $4.2 billion package to Pakistan, sources added.

The government will buy oil and fertilisers worth $1.2 billion from Saudi Arabia on deferred payments, they said, adding that the request has been forwarded to Crown Prince Mohammad Bin Salman. 

Pakistan’s forex reserves are down to $6.7 billion for the first time since January 2019, which is not sufficient to meet the $8.8 billion principal and interest payments during the current fiscal year, the news report said.

Earlier this month, Saudi Arabia extended a $3 billion deposit it made to shore up Pakistan’s foreign reserves.

In August, Saudi Arabia planned to invest $1 billion in Pakistan after King Salman bin Abdulaziz gave a directive for the kingdom to support the Pakistani economy, Reuters reported, citing state TV.

Latest articles

Over the first half of the year Sanad Group signed deals with international airlines including Asiana Airlines and Deucalion Aviation

Mubadala-backed Sanad Group reports 53% revenue growth

Sanad Group, the Abu Dhabi-based global aerospace engineering and leasing company, has seen revenues increase by more than half over the first six months of the year. Figures released to AGBI show revenue totalling AED2.3 billion ($620 million) was reported in the first half of the year, up from AED1.5 billion over the same period […]

Malaysia’s HSS Engineers Berhad and its emirati consultancy HSS signed the deal top oversee construction with the Baghdad municipality

UAE company in joint venture to build Baghdad metro

A Malaysian engineering company and its UAE affiliate have jointly won a $316 million contract to oversee the construction of the new Baghdad metro. The building of the planned 148-kilometre network and its 64 stations across the Iraqi capital was slated to begin this month and end in 2029. This timeline might be delayed, however, […]

Amanat's listing represents the third education IPO in the UAE over the past two years

Amanat to list its education platform

Amanat Holding, an investment company in Dubai, has announced plans to list its education platform. The move will be the third education-related initial public offering in the UAE in the last two years, following the listing of Dubai’s Taaleem in 2022 and Abu Dhabi’s Alef Education earlier this year. Amanat, which specialises in healthcare and […]