Finance Minister Muhammad Aurangzeb said on Thursday that it was “all good” on the rollover of the $3 billion debt Pakistan owed to Saudi Arabia which matured earlier this week, helping keep foreign exchange reserves at their existing level.
“We are all good on that,” the finance minister said briefly when asked whether the Kingdom of Saudi Arabia had rolled over the $3 billion cash deposit that matured this week. He was speaking to the media after attending a meeting of the Senate Standing Committee on Finance.
Saudi Arabia had extended the $3 billion deposit for three months in April this year, enabling Pakistan to repay a maturing loan to the United Arab Emirates. The facility matured earlier this week, but the Ministry of Finance had not issued any official statement regarding its renewal.
The confirmation comes days after Aurangzeb visited Saudi Arabia alongside Federal Minister for Power Sardar Awais Leghari, where the two sides discussed financial and economic cooperation, as well as other matters of mutual interest.
Under Pakistan’s $7 billion International Monetary Fund (IMF) program, Saudi Arabia, China and the United Arab Emirates have committed to maintaining a combined $12.5 billion in deposits with the State Bank of Pakistan until September 2027, providing critical support to the country’s external financing position.
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