Washington d.c.: Saudi Arabia has pledged an additional three billion dollars in deposits to Pakistan, as announced by Finance Minister Muhammad Aurangzeb. The disbursement is anticipated to occur in the coming week.

According to Radio Pakistan, the Finance Minister revealed that the existing five billion dollar Saudi deposit would now be extended for a longer period, moving away from the previous annual rollover arrangement. This substantial financial support arrives at a crucial time for Pakistan, addressing its external financing needs and aiming to reinforce foreign exchange reserves and strengthen the country's external account.

Minister Aurangzeb reiterated Pakistan's commitment to maintaining its reserves in alignment with market obligations and the IMF-supported program, targeting around 18 billion dollars in reserves by the end of the fiscal year. He highlighted Pakistan's successful repayment of a 1.4 billion dollar Eurobond last week, affirming the government's dedication to meeting all upcoming external obligations and maturities punctually.

The Finance Minister expressed deep gratitude towards the Saudi leadership for their unwavering support and collaborative efforts in realizing this financial package. He acknowledged the role of Pakistan's political and economic leadership in securing and implementing the support, emphasizing the country's external financing plan's clear definition and disciplined execution.

Minister Aurangzeb noted the international acclaim Pakistan is receiving from financial institutions like the IMF and the World Bank, as well as from institutional investors and counterparts in Washington. He cited Pakistan's facilitative role in promoting dialogue between longstanding estranged parties as a factor in this recognition. This international appreciation, combined with Saudi Arabia's timely financial backing, provides Pakistan with significant momentum and confidence for its economic future, particularly concerning its external account and commercial aspects.