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Pakistan

Pakistan seeking $4.2bn from Saudi Arabia: reports

  • Development comes amid dwindling foreign exchange reserves
Published December 8, 2022
<p>Photo: REUTERS</p>

Photo: REUTERS

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Pakistan is seeking $4.2 billion from Saudi Arabia as its foreign exchange reserves have fallen sharply, broadcaster ARY News reported on Thursday, citing sources.

Pakistan's Finance Ministry did not immediately respond to a Reuters request for comment.

The development comes as the South Asian country faces dwindling foreign exchange reserves. According to the weekly report, foreign exchange reserves held by the State Bank of Pakistan (SBP) clocked in at $7.5 billion.

Forex reserve levels attract PM’s attention

Earlier, Dr Ali Awadh Asseri, former ambassador of Saudi Arabia to Pakistan, had said Riyadh is committed to averting Islamabad’s current economic crisis worsened by the recent floods and to the $20 billion investment in refinery, petrochemical complex, mining and renewable energy projects in the country.

“The Saudi leadership is committed to $20 billion dollars investment in refinery, petrochemical complex, mining and renewable energy projects in Pakistan. But there is also tremendous scope for Saudi public and private investment in other sectors such as textiles, sports, leather goods and surgical equipment,” Dr Asseri said.

Last week, Kingdom of Saudi Arabia (KSA) extended term for a $3 billion deposit in the SBP to support the Pakistani economy.

The Saudi Fund for Development (SFD) in September confirmed the rollover of $3 billion deposit with Pakistan for another one year. The amount was deposited by the SFD for one year in December 2021 under an agreement between SFD and the State Bank to build the depleting foreign exchange reserves of Pakistan.

“In implementation of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud - may Allah protect him; the Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of 3 billion dollars to the State Bank of Pakistan,” the SBP had said then.

Comments

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Muhammad Irfan Dec 08, 2022 03:34pm
I as a Pakistani, humbly request KSA to turn down the request and let Pakistan default, only then we will realise and make necessary changes in our policy and lifestyle so that we can stand on our on feet. Otherwise, its a never ending cycle a loan to pay off the interest of another loan and unfortunately our politicians have no interest in building Pakistan and improving its economy, all they are concerned about is to enjoy power, plunder funds, do money laundering and corruption.
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Rebirth Dec 08, 2022 08:55pm
The Saudis have listed industries that our governments had focussed their energies on in another era. In this day and age, Pakistan manufactures Hybrid Electric Vehicles, Unmanned Aerial Vehicles, mobile phones and other consumer electronics. We also assemble buses, locomotives and we will soon head towards planes and ships. We already manufacture Super Mushak for civilian purposes too and the boats we’re building are primitive but investment in the industry will bring huge returns. We have the largest ship breaking industry in the world but why not turn it into the largest ship building industry? Saudi investments should be focussed on our growing industries and not the ones that are in decline. We also have huge reserves of rare earth minerals that we can soon learn to extract, and build the final products ourselves, for use in our new and growing industries. The data is there for the Saudis to see for themselves. We should make these recommendations immediately, lest we go bankrupt.
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Bilal Sheikh Dec 09, 2022 11:58am
We are thankful to his highness prince Mohammad Bin Salman over his support to the Islamic Republic of Pakistan which is on top target of global Zionist and freemason forces and their assets in Pakistan.
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