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.
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.