According to sources, federal finance minister Ishaq Dar has asked Saudi Arabia to provide Pakistan with a $4.2 billion package as soon as possible.
According to sources, the government will purchase oil and fertilisers worth $1.2 billion from Saudi Arabia on a deferred payment basis.
His Excellency Crown Prince Muhammad Bin Salman has been notified of the request.
According to sources, the country’s foreign exchange reserves have fallen to $6.7 billion for the first time since January 2019, which is insufficient to cover the $8.8 billion principal and interest payments due during the current fiscal year.
Earlier, Saudi Arabia extended the maturity date for a $3 billion deposit it made with Pakistan’s central bank, according to SBP.
The central bank said that the extension of the term of the deposit “is a continuation of the support provided by the government of Saudi Arabia to the Government of Pakistan.”
According to sources, Pakistan is attempting to control one of Asia’s highest inflation rates and avert a current-account crisis.
Fertilizers and oil
According to sources, the government will purchase oil and fertilisers worth $1.2 billion from Saudi Arabia on a deferred payment basis. His Excellency Crown Prince Muhammad Bin Salman has been notified of the request.
Foreign Exchange Reserves Have Dropped
For the first time since January 2019, the country’s foreign exchange reserves have fallen to $6.7 billion. It is insufficient to cover the current fiscal year’s principal and interest payments of $8.8 billion.
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