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Saudi Arabia pledges $4.2 billion to support Pakistan’s economy

Date: 28 October 2021 Tags: Miscellaneous
  • Saudi Arabia pledged to provide $4.2 billion in assistance to Pakistan, providing relief to the South Asian nation at a time when its foreign-exchange reserves are dwindling fast.
  • Pakistan, which only recently averted a balance-of-payments crisis, is separately seeking to reach a deal with the International Monetary Fund for reviving a $6 billion bailout program, which is crucial to boost its forex pile.
  • Reserves with Pakistan’s central bank have declined for five consecutive weeks to $17.5 billion as of Oct. 15 and the rupee has consistently depreciated against the dollar, making it the worst performing Asian currency.