SAUDI Arabia is finalising the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters.
Jadaan did not offer further details, but on May 1 the two countries said in a joint statement that they would discuss the possibility of supporting the deposit by extending its term “or through other options”.
The announcement has come at a crucial time as negotiations with the International Monetary Fund (IMF) are in progress on resumption and extension of the bail-out package.
Hopefully, the firm commitment expressed by the Kingdom will have a salutary impact on the on-going talks.
The clarification has also put to rest the speculations that there would be no Saudi assistance without finalization of the deal with the Fund.
This uncertainty was fuelling speculations with a negative impact on the exchange rate and the overall economy of the country.
Saudi Arabia and its leadership always displayed immense commitment to the progress and prosperity of the people of Pakistan.
They always obliged whenever approached by any Pakistan Government to overcome economic and financial difficulties of the country.
The nation cannot forget the generous assistance offered by the Kingdom in the aftermath of nuclear blasts by Pakistan which triggered sanctions by influential countries of the globe and the resultant foreign currency crisis.
The Kingdom responded positively when Pakistan sought further assistance during the recent visit of Prime Minister Shehbaz Sharif.
Only a few days back, the Prime Minister also proudly announced that a gift of $1 billion Saudi investment was available, which spoke about growing economic cooperation between the two countries.
The latest announcement by the Saudi Finance Minister is reassuring as materialization of the understanding reached during the visit of the Prime Minister would help bolster foreign exchange reserves of the country that are fast depleting in the prevailing uncertain scenario.
