Pakistan to Receive Saudi Arabia Support

Pakistan will receive financial help from Saudi Arabia as per Saudi Finance Minister Mohammed Al Jadaan. He said that the government will “continue to support Pakistan as much as we can”. Saudi Arabia extended the maturity of a $3bn deposit earlier this month to boost Pakistan’s foreign currency reserves and help it recover from the pandemic and flood related impacts. The minister also said that the Saudi government was also looking at Egypt and Turkey for further investments. He said, “We have started investing aggressively in Egypt and we will continue to look at investment opportunities… Our relationship with Turkey is improving greatly, and we hope to have investment opportunities”. Saudi is already in final stages of depositing $5bn in Turkey’s CBRT. It has also extended the maturity of a $5bn deposit with Egypt’s central bank last month.

Pakistan’s dollar bonds however moved lower by over 1.5 points to trade at ~35 cents on the dollar.

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