Islamabad: The Kingdom of Saudi Arabia (KSA) is working to extend the withdrawal date of the USD 3 billion fund facility, news sources reported on May 24. The funds were deposited in Pakistan’s current account last year to stabilise forex reserves.
The news was reportedly communicated by Saudi Finance Minister Mohammed al-Jadaan. He stated that the fund facility extension will be completed soon. He also stated that Pakistan’s fiscal stability is critical because the country is an essential ally. The announcement comes amid the country’s expanding current account deficit (CAD) and a greater balance of payment concerns.
Currently, the nation has put import limitations on luxury consumer goods in order to halt the runaway CAD and cut import expenses. It is worth noting that the government and the International Monetary Fund (IMF) are now holding a staff-level meeting to restart the IMF’s USD 6 billion fund project. The first round of the talks has concluded in Doha.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
