Saudi Arabia to deposit USD 3 billion in Pakistan’s central bank

Islamabad: Saudi Arabia will deposit USD 3 billion into Pakistan’s central bank, Finance Minister Muhammad Aurangzeb said Wednesday.

The funds will provide a much-needed financial boost to Pakistan, where the economy has come under strain during regional tensions linked to the conflict between the United States and Iran.

Aurangzeb is in Washington to attend meetings of the World Bank and the International Monetary Fund (IMF).

Aurangzeb said an existing USD 5 billion Saudi deposit will no longer be subject to an annual rollover arrangement and will instead be extended for a longer period, a government statement said.

Pakistani authorities said earlier this month that the country would return USD 2 billion deposited by the United Arab Emirates (UAE) in Pakistan’s central bank in 2019.