Finance Minister Muhammad Aurangzeb has announced that Saudi Arabia has extended the tenure of its $5 billion deposit for Pakistan and will provide an additional $3 billion in deposits, expected to be transferred next week, offering significant support to the country’s economy.
Speaking at a media briefing at the Pakistani embassy in Washington, the minister said the new $3 billion deposits will help strengthen Pakistan’s foreign exchange reserves and support financial stability.
He added that the existing $5 billion deposit will now remain with Pakistan for a longer duration instead of annual rollovers, easing pressure on reserves.
Aurangzeb termed his meeting with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan highly productive and thanked Saudi Arabia for its support during challenging times.
He further stated that Pakistan aims to raise its foreign exchange reserves to $18 billion by the end of the current fiscal year, assuring that all bond-related payments to international investors will be made on time.
The minister also invited global investors to explore opportunities in Pakistan, saying the country’s role is being recognized internationally.
He credited Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir for their efforts, while also acknowledging the contributions of Deputy Prime Minister Ishaq Dar and State Bank Governor Jameel Ahmad.
