Saudi Arabia offers to provide $11bn to Pakistan

Saudi Arabia discussing financial assistance with ‘sisterly’ republic Pakistan

Saudi Arabia is looking to provide Pakistan a financial lifeline of up to $11bn as the South Asian nation is on the brink of defaulting foreign debt after devastating floods.

The kingdom’s de facto ruler Prince Mohammed bin Salman bin Abdulaziz Al Saud – the crown prince and the country’s prime minister – have asked the authorities to study and augment Saudi Arabia’s investments in Pakistan, the country’s official news agency said in a statement on Tuesday.

“HRH the Crown Prince also directed the Saudi Development Fund (SDF) to study increasing the amount of the deposit provided by the Kingdom of Saudi Arabia in favour of the Central Bank of Pakistan (CBP) which have previously been extended on 2 December, 2022 to hit a $5bn ceiling, confirming the Kingdom’s position supportive to the economy of the Islamic Republic of Pakistan and its sisterly people,” the statement added.