Saudi $3bn support for Pakistan extended as US facility fades
Finance Minister Muhammad Aurangzeb said the $3 billion facility, which matured on October 31, was extended as prospects for a $10 billion US support facility fade.
Saudi Arabia has extended the rollover of its $3 billion financing to Pakistan for a “reasonable period”, Finance Minister Muhammad Aurangzeb said.
The facility was provided in April to help Pakistan repay $3.5 billion to the UAE and matured on October 31 under a three-month term.
Prospects for a $10 billion US Exchange Stabilization Support Facility appear to be fading.
Pakistan's liquid foreign exchange reserves are about $26.86 billion, of which $21.47 billion is held by the State Bank of Pakistan.
Pakistan is targeting a $4 billion cut in external debt during the current fiscal year.