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Saudi Arabia Steps In With $3 Billion To Help Pakistan Meet UAE Debt Repayment
(MENAFN- Live Mint) Saudi Arabia will help Pakistan bridge a multibillion dollar gap in its finances linked to an upcoming debt repayment to the United Arab Emirates.
Riyadh has announced $3 billion in additional support for Pakistan and extended the rollover arrangement for an extra $5 billion deposit for a longer period, Pakistan Finance Minister Muhammad Aurangzeb told reporters in Washington.
The move underlines a deepening relationship between Riyadh and Islamabad, cemented last year by a mutual defense pact treating aggression against either as an attack on both.
"We can confirm that Saudi Arabia has agreed to a $3 billion deposit with Pakistan to support their balance of payments," a Saudi Ministry of Finance spokesperson told Reuters.
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