RIYADH: Saudi Arabia is planning to renew its $3 billion deposit to help Pakistan manage its ongoing current-account crisis and fight rising inflation, Bloomberg reported, quoting people familiar with the matter.
The Kingdom also aims to provide $100 million per month for 10 months in petroleum products as an additional support.
Sources who asked to remain anonymous said that Pakistan’s funding gap has been covered after the Kingdom’s commitment,
adding that the assurance will pave the way for an International Monetary Fund’s loan approval at the end of the month.
They also revealed that Saudi Arabia has been coordinating with the IMF to ensure that Pakistan is always offered complete support.
One of the sources said that the commitment is likely to be announced within the next two days.
