Summary
- Pakistan has successfully secured a rollover of its $3 billion loan from Saudi Arabia, Finance Minister Senator Muhammad Aurangzeb said on Wednesday, describing the development as an important step towards maintaining the country’s external financial stability.
- He expressed confidence in Pakistan’s strong relations with Saudi Arabia and said there was no reason for Islamabad to be concerned over the financial arrangement.
- Aurangzeb said Pakistan did not currently need any additional financial assistance from Saudi Arabia.
Pakistan has successfully secured a rollover of its $3 billion loan from Saudi Arabia, Finance Minister Senator Muhammad Aurangzeb said on Wednesday, describing the development as an important step towards maintaining the country’s external financial stability.
Speaking to the media at Parliament House in Islamabad, Aurangzeb said the loan rollover had been completed and the matter had been deferred for an appropriate period. He expressed confidence in Pakistan’s strong relations with Saudi Arabia and said there was no reason for Islamabad to be concerned over the financial arrangement.
The finance minister said he had also held a very positive meeting with his Saudi counterpart. He emphasised that the close relationship between the two countries would continue to support Pakistan during its economic challenges.
Aurangzeb said Pakistan did not currently need any additional financial assistance from Saudi Arabia. He added that the country had sufficient foreign exchange reserves to cover approximately three months of imports, providing a degree of stability to its external payments position.
Discussing Pakistan’s upcoming financial obligations, the minister said the country had to make annual Eurobond payments of approximately 1.5 billion euros. The government was working to ensure that the repayment arrangements were managed smoothly and did not create difficulties for the country’s financial position.
He said the government was focused on making timely arrangements for its international debt repayments while maintaining economic stability and meeting external financing requirements.
The finance minister also expressed optimism about Pakistan’s ongoing engagement with the International Monetary Fund (IMF). He said the next tranche of financial assistance was expected to receive approval from the IMF Executive Board in December.
The anticipated approval would provide further support to Pakistan’s economic programme and help strengthen its external financial position.
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