Saudi Arabia has extended the rollover of its $3 billion financing to Pakistan for a “reasonable period,” Pakistan’s Finance Minister Muhammad Aurangzeb said.
– The financing was provided in April to help Pakistan meet a $3.5 billion debt repayment to the United Arab Emirates. The development comes as prospects of a $10 billion US backstop facility appear to have waned.
– The financing facility, that helped Pakistan shore up its declining foreign reserves following the UAE’s sudden move, matured on October 31 under its three-month term.
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