S Arabia to support Pakistan’s finances

Prime Minister Shehbaz

Saudi Arabia will help Pakistan’s finances, according to Finance Minister Mohammed Al Jadaan, as it looks to help shore up alliances with countries struggling with the impact of rising inflation.

The Saudi government will “continue to support Pakistan as much as we can,” Al Jadaan said at a press conference in Riyadh.

The kingdom has taken several steps to provide financial support to countries in the region as it looks to bolster allies and cement new relationships. It extended the term of a $3 billion deposit to boost foreign currency reserves and help Pakistan in overcoming economic repercussions of the coronavirus pandemic earlier this month.

Saudi Arabia is also looking to do more investments in Egypt and is planning to start doing deals in Turkey, Al Jadaan said at a news conference in Riyadh.—Bloomberg