Pakistan Secures $3 Billion in Saudi Loans to Lift Reserves

Pakistan said it secured $3 billion in financial support from Saudi Arabia, providing a key lifeline to shore up its foreign exchange reserves and offset a loan repayment to the United Arab Emirates.

Saudi Arabia has committed additional funds with “disbursement expected in the coming week,” Pakistan’s Finance Ministry said in a statement Wednesday, citing its minister Muhammad Aurangzeb. It also extended an existing $5 billion deposit, which will no longer be subject to the earlier annual rollover arrangement.