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Saudi Arabia decides to help Pakistan in paying back $16 billion debt

Zain Aijaz by Zain Aijaz
December 9, 2022
in Business, Featured, Latest News, National, News, Top News
Reading Time: 1 min read
Saudi Arabia decides to help Pakistan in paying back $16 billion debt

Saudi Arabia has decided to provide financial help to Pakistan as the country faces a massive challenge of returning the debt of $16 billion in the next six months. During an interview with the American Magazine Bloomberg, Finance Minister of Saudi Arabia Mohammad Al-Jadaan pledged to provide every possible assistance to Pakistan.

He added that Saudi Crown Prine Mohammad bin Salman was determined to make long-term investments in the energy sector and wanted to help Pakistan so it could meet its financial needs.

Earlier, Saudi Arabia extended $3 billion deposit term in the State Bank of Pakistan. Saudi finance minister’s statement came after Pakistan requested $4.2 billion in assistance to uplift the foreign exchange reserves. Saudi Arabia has also decided to help Egypt and Turkey to fight inflation through multiple investment plans.

Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

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