Saudi Arabia assures full financial support to Pakistan, including loan oil

ISLAMABAD: Saudi Arabia has reaffirmed its commitment to fully support Pakistan financially during challenging economic times. The assurance came during a high-level visit by the Saudi Finance Minister, signaling stronger bilateral ties and expanded cooperation.

Saudi Arabia has assured Pakistan of full financial backing, expressing determination to help the country navigate its difficult economic situation. The commitment was made during the one-day visit of Muhammad bin Abdullah Al-Jadaan to Pakistan, where key discussions focused on financial assistance and long-term cooperation.

According to the Ministry of Finance, discussions included increasing loans, extending credit lines, and enhancing oil financing facilities. Pakistan requested a $5 billion loan and an extension of the oil financing facility, with a proposal also under consideration to extend the oil facility for another five years.

Officials noted that Pakistan is currently under pressure to repay approximately $4.8 billion in debt this month. A Eurobond worth $1.4 billion has already been repaid. In this situation, further financial assistance is considered essential to maintain the country’s foreign exchange reserves and economic stability.

Both countries agreed to further enhance cooperation in trade, investment, and the broader economy. The discussions reaffirmed strong, brotherly relations and a shared commitment to deepen economic ties. The visit was described by the Ministry of Finance as a clear indication of strengthening partnership between Pakistan and Saudi Arabia.