Cash-strapped Pakistan to get $5-bn Saudi, Qatar support

Cash-strapped Pakistan is set to receive $5 billion in financial support from Saudi Arabia and Qatar, providing a critical buffer for its fragile external position, according to a media report on Sunday.

The expected inflows come at a crucial juncture as Islamabad prepares to repay $3.5 billion to the United Arab Emirates (UAE) this month and faces pressure on its foreign exchange reserves.

To avert pressure on Pakistan’s weak foreign reserves, Saudi Arabia and Qatar will provide $5 billion in financial assistance, the report said, quoting sources in the finance ministry. The development coincides with Finance Minister Muhammad Aurangzeb’s visit to Washington to attend the IMF-World Bank Spring Meetings and advance Pakistan’s economic diplomacy.