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

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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.

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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.

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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.

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