Saudi Arabia rolls over $3 billion loan to Pakistan, finance minister says

Finance Minister Muhammad Aurangzeb said on Wednesday that Saudi Arabia has rolled over its $3 billion loan to Pakistan.

Speaking to the media at Parliament House, he said the matter has been deferred for an appropriate period. He added that he had also held a very good meeting with his Saudi counterpart.

“Given the nature of our relations with Saudi Arabia, there is no need for us to worry,” the finance minister said. He said that Pakistan did not currently need any additional financial support from Saudi Arabia, adding that the country had three months of import cover.

Aurangzeb said Pakistan had to make Eurobond payments of around €1.5 billion every year. He added that the government was trying to ensure that whichever administration was in office would not face difficulties in making these payments.

The finance minister further said the IMF Executive Board is expected to approve the next tranche of the loan programme in December.