Pakistan hopes to finalise talks with Saudi Arabia on financial help soon

Pakistan is hoping to conclude talks with Saudi Arabia soon on financial help for the South Asian nation, Pakistan’s Finance Minister Ishaq Dar said on Monday.

Dar also told a news conference that the International Monetary Fund (IMF) had asked Pakistan for more information to finalise its ninth review.

“We hope that we will soon conclude talks, which we have started with Saudi Arabia,” he said in response to a question whether there was any progress on seeking financial support from Saudi Arabia.

Pakistan’s economy is facing a balance of payment crisis, with central bank reserves having fallen to $6.7 billion — hardly enough for a month of imports — and the current account deficit having widened.

With the IMF’s ninth review delayed, Pakistan needs external financing on an urgent basis.

As the review is awaited, Pakistan has been trying to approach allies to seek financial support, and Dar had said that he would expect to get $3 billion from a friendly country. — Reuters

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