Pakistani Economy: Pakistan is going to get big financial help from Saudi Arabia soon. Saudi Arabia is finalizing the expansion of the Kingdom’s deposits to Pakistan, $3 billion. Saudi Finance Minister Mohammed al-Jadaan has given this information to Reuters. “We are currently finalizing a deposit of $3 billion to Pakistan,” he said on the sidelines of the World Economic Forum in Davos.
Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank to help support its foreign reserves. Jadan did not provide further details, but on 1 May the two countries said in a joint statement that they would discuss the possibility of supporting deposits by extending the period “or through other options”.
‘Pakistan an important ally’
Jadan said Pakistan is an important ally and the Kingdom will stand behind the South Asian nation. Significantly, Pakistan is surrounded by economic challenges due to high rate of inflation, declining foreign exchange reserves, deepening current account deficit and weakening currency.
Pak imposed restrictions on import of many items
Let us tell you that recently the government of Pakistan has banned the import of all non-essential luxury items like cars, mobile phones, home appliances and weapons under the Emergency Economic Plan. Announcing the decision, Pakistan’s Prime Minister Shahbaz Sharif tweeted on May 19 that the move would save the country’s precious foreign exchange.
Shehbaz Sharif tweeted, “We will try our best with self-restraint. Economically strong people of the country should come forward and lead in this effort of the government so that the Imran Khan government on the deprived people.” This burden placed by him can be removed.” Shahbaz Sharif said that Pakistan will face these challenges with full determination.