Today: 27 May 2025
8 December 2022
1 min read

Pakistan urgently seeks $3 billion from Saudi

Dar’s request for the cash bailout of $3 billion was over and above the same amount of money rollover of the previous debt…reports Asian Lite News

Pakistan has requested Saudi Arabia to urgently provide $3 billion in cash after its foreign exchange reserves fell to a critically low level, as the new army chief was also expected to play a role in bagging the bailout during his upcoming maiden visit to the kingdom.

Finance Minister Ishaq Dar made the request during a meeting with Nawaf bin Said Al-Malki, the Saudi ambassador, The Express Tribune reported citing a statement from the Ministry.

It was the second consecutive day when the finance minister held meetings with foreign diplomats in his efforts to seek their financial support and also influence the International Monetary Fund (IMF) to soften its stance on releasing its $1.2 billion tranche to the country.

Dar’s request for the cash bailout of $3 billion was over and above the same amount of money rollover of the previous debt, The Express Tribune reported.

However, there is an urgency of the matter, as the country’s foreign exchange reserves have fallen below the $7 billion level for the first time since January 2019.

The current reserves stand at around $6.7 billion, which is almost equal to $6.6 billion on January 18, 2019.

The $6.7 billion reserves are not enough to service the $8.8 billion principal and interest payments during the January-March period of the current fiscal year, according to the sources.

The sources said during the meeting it was also discussed that the new Chief of Army Staff General Asim Munir, would soon visit the kingdom.

The military leadership would also take up the cash injection issue, it emerged after the meeting.

ALSO READ: Zawahiri killing stopped dialogue with Pakistan: TTP Chief

Previous Story

US court dismisses lawsuit against Saudi crown prince

Next Story

UK orders thousands more anti-tank weapons  

Latest from -Top News

Islamabad-Ankara-Baku Axis Sharpens Against India

Both Turkey and Azerbaijan have openly expressed solidarity with Pakistan and backed Islamabad in its military standoff with India, this month….reports Asian Lite News The evolving alliance between Islamabad, Ankara, and Baku

India Targets Pak Terror Ties in Guyana

The delegation met the Guyanese President, Mohamed Irfaan Ali, who had hosted a dinner to celebrate friendship and shared aspirations between the two nations…reports Asian Lite News Congress leader Shashi Tharoor, currently

Qatar Stands With India on Terror

Khulaifi conveyed Qatar’s solidarity with India and its policy of zero tolerance against terrorism for regional stability…reports Asian Lite News Qatar’s Foreign Affairs Minister Mohamed bin Abdulaziz bin Saleh Al Khulaifi expressed

Ramaphosa gains from US showdown

South African President’s conduct with Trump reminded South Africans of his diplomatic pedigree, and of his importance to the country’s rules-based order South Africa’s President Cyril Ramaphosa and his delegation went to
Go toTop

Don't Miss

Saudi launches 4 SEZs to attract investors

The zones, located in Riyadh, Jazan, Ras al-Khair and King

Bomb-laden drone falls on school in Asir

The incident was the latest of the frequent attacks launched