Saudi Arabia Assures Continued Financial Support to Pakistan, Including Oil Facility
Islamabad: Saudi Arabia has reaffirmed its commitment to provide full financial support to Pakistan, including assistance through loans and deferred oil payment facilities, amid the country’s ongoing economic challenges.
The assurance came during the recent visit of Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan, who held high-level meetings with Pakistani leadership, including Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and Field Marshal Syed Asim Munir.
According to Pakistan’s Ministry of Finance, discussions focused on expanding economic cooperation, enhancing trade and investment, and extending financial assistance. Pakistan has requested a $5 billion loan from Saudi Arabia, along with an extension of its oil financing facility for an additional five years.
Officials noted that Pakistan is currently facing repayment pressure of approximately $4.8 billion this month, despite already clearing $1.4 billion in Eurobond obligations. Maintaining foreign exchange reserves remains a key priority, making continued external financial support crucial.
Both countries agreed to deepen cooperation in economic sectors and reaffirmed their strong bilateral ties. Prime Minister Shehbaz Sharif also conveyed his best wishes to Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, expressing gratitude for the Kingdom’s longstanding support.
The Saudi finance minister concluded his one-day visit and departed from Islamabad, where he was seen off by Finance Minister Muhammad Aurangzeb. Officials described the visit as a positive step toward further strengthening strategic and economic partnership between the two nations.
Further engagements between the two sides are expected on the sidelines of upcoming meetings of the World Bank and the International Monetary Fund.
