In what is being described as an expression of the close and longstanding ties between Saudi Arabia and Pakistan, Saudi Crown Prince Mohammed bin Salman has reportedly confirmed that the Kingdom will be providing the country with financial assistance worth $3 billion.
Reports quoted sources as saying that the crown prince recently sent his finance minister (FM) on a short visit to Islamabad to reassure the Pakistani leadership that there is no need for concern over a possible gap in foreign exchange reserves following the withdrawal of around $3 billion by the United Arab Emirates (UAE).
A senior government official said that the purpose of the visit was to assure Pakistan’s leadership that Saudi Arabia would step in to bridge the gap to help stabilise the country’s external account position.
Officials described the move as an “extraordinary step” by the Saudi leadership, reflecting strategic trust and strong bilateral relations between the two countries.
It is worth noting that the State Bank of Pakistan (SBP) already holds $5 billion in deposits from Saudi Arabia.
Reports said that the Pakistani leadership, both civilian and military, has expressed gratitude over what is being described as a personal and special gesture by the Saudi crown prince, and Prime Minister (PM) Shehbaz Sharif is also expected to visit Saudi Arabia soon on MBS’s invitation.
During the visit, the premier is expected to brief the Saudi leadership on ongoing diplomatic efforts being carried out in Islamabad, including Pakistan’s facilitation of the second round of talks between Iran and the United States (US).
Pakistan is working to bring both sides back to the negotiating table and is attempting to arrange another round of discussions before April 22 in an effort to convert the current ceasefire into a more stable arrangement.
