Pakistan and Saudi Arabia say they will discuss extending the term of a $3 billion loan to help Islamabad’s faltering economy.
The Gulf nation has long been an intelligence partner of Pakistan as well as a regular source of financial relief for successive governments.
The latest sign of support follows a visit to Saudi Arabia by new Prime Minister Shahbaz Sharif, who has inherited a crippling national debt, galloping inflation and a feeble rupee.
A joint statement says the kingdom would continue to support the Pakistani economy and had discussed “augmenting the $3 billion deposit with the central bank through term extension or otherwise.”
Saudi Arabia also pledged “to further enhance the financing of petroleum products” at a time when the South Asian country is suffering from frequent power cuts.
The statement comes after recent talks between Pakistan and the International Monetary Fund (IMF) over the release of funds under an existing $6 billion aid program that had stalled due to concerns about the pace of reforms.
The cash-strapped nation’s foreign exchange reserves plunged below $11 billion last month.
Help us report truthfully on social media
As a multimedia journalist, my job is to take the quality, fact-based journalism produced by The Times of Israel newsroom and make it accessible across every platform — from Instagram posts to podcasts to short-form videos.
This is how many, especially young people, consume news these days. But misinformation is rampant on social media. Our team at ToI produces accurate, responsible short-form reporting on Israel and the Jewish world.
If you believe in the importance of factual social media journalism, please consider joining our reader support group, The Times of Israel Community. Your financial support is essential to sustain responsible multimedia reporting.
— Gabriella Jacobs, multimedia journalist
Support our work
Support our work
Already a member? Sign in to stop seeing this
You're a dedicated reader
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you,
David Horovitz, Founding Editor of The Times of Israel
Join Our Community
Join Our Community
Already a member? Sign in to stop seeing this
From the Liveblog of
Sunday, May 1, 2022
Add ToI as a Preferred Source on Google
