In accordance with sources, the federal finance minister, Ishaq Dar, has requested that Saudi Arabia urgently provide Pakistan with $4.2 billion in financing.
There is a possibility that the government will purchase oil and fertilizers worth $1.2 billion from Saudi Arabia, according to sources.
It has been requested that his excellence the crown prince Muhammad Bin Salman be notified of the request.Â
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During the current fiscal year, the country’s foreign exchange reserves have fallen to $6.7 billion for the first time since January 2019, which is not enough to cover the country’s $8.8 billion principal and interest payments, according to sources in the government.
SBP has announced that Saudi Arabia has extended the term on a $3 billion deposit it made to Pakistan’s central bank earlier in the year.
According to sources, Pakistan is attempting to contain one of the highest inflation rates in Asia and avert a current-account crisis by reining in inflation.