ISLAMABAD: Finance Minister Ishaq Dar sought $ 4.2 billion from Saudi Arabia after foreign exchange reserves fell critically low. According to sources, Ishaq Dar requested Saudi Arabia to urgently provide $ 4.2 billion package to Pakistan. Government will buy oil and fertilizers worth $ 1.2 billion from Saudi Arabia on deferred payments, sources said. Request has been forwarded to his excellency crown prince Muhammad Bin Salman.

Country’s foreign exchange reserves have fallen to $ 6.7 billion for first time since January 2019, which is not enough to meet $ 8.8 billion principal and interest payments during current fiscal year, sources added.

Earlier, Saudi Arabia extended term for $ 3 billion deposit it had made to Pakistan’s central bank, announced SBP. Central bank said that extension of term of deposit “is continuation of support provided by government of Saudi Arabia to government of Pakistan.”

Pakistan is looking to rein in one of Asia’s highest inflation rates and stave off current-account crisis, sources said.

Published in The Daily National Courier, December, 09 2022

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