ISLAMABAD : Saudi Arabia has come to Pakistan’s rescue as it has agreed to extend withdrawal period of its $ 3 bullion deposited with the State Bank of Pakistan (SBP) . The Saudi authorities also vowed to keep providing financial aid to Pakistan to help it over come its financial woes. The Saudi commitment to extend financial support, besides extending cooperation with Pakistan in different areas has come in the wake of prime minister, Shahbaz Sharif, negotiations with top Saudi leadership during his recently concluded 3- day visit to Riyadh .
Pakistan is facing severe financial crisis due to weakening economy and as a result its foreign reserves were depleting alarmingly. In the given situation, new government badly needed some funding to stop economic meltdown . The government of prime minister , Shahbaz Sharif , decided to approach to Saudi Arabia for much needed financial support Saudi Arabia as always has come to help Pakistan at this crucial juncture of time.
A joint Pakistan-Saudi communiqué issued on Sunday said the Saudi Arabia will provide financial support to Pakistan to help latter complete its financial reforms programme. Saudi Arabia has also agreed to enhance volume of oil facility to Pakistan to help it sustain financial pressure arising out of its national economy. According to the joint communiqué , Saudi Arabia and Pakistan will cooperate in various areas of common interest like trade , industry , information, media and infra structure .
Pakistan’s national economy has shrunk to a dangerous level in the last three and half years term of Pakistan Tehreek e Insaf (PTI) government . This resulted in depletion of reserves to an alarming level . Pakistan’s currency has fallen flat as a result of rising risks to it. In the given situation , withdrawal of $ 3 billion deposited with SBP could put Pakistan’s financial security at risk.
Information minister, Maryam Aurangzeb, while divulging details of Saudi financial support said it was for the first time in the history that Islamabad and Riyadh were entering into strategic partnership for mutual benefit in different areas like industry , trade and its credit goes to prime minister, Shahbaz Sharif, who held result oriented talks with top Saudi leadership during his visit to Saudi Arabia .