ISLAMABAD: In a significant personal and special gesture of brotherhood, Saudi Crown Prince Mohammed bin Salman has extended crucial financial support of $3 billion as a deposit to Pakistan, underscoring the Kingdom’s continued commitment to Islamabad’s economic stability.
According to informed sources, the Crown Prince dispatched Saudi Arabia’s finance minister to Pakistan a few days ago on a brief visit to assure the Pakistani leadership, on behalf of MBS, that the country need not worry about the foreign exchange gap likely to arise due to the withdrawal of around $3 billion by a Gulf country.
“The purpose of the visit was singular - to convey a firm assurance to Pakistan’s leadership that Riyadh would step in to fill an emerging gap in the country’s foreign exchange reserves,” revealed a high-level official source.
The development comes at a time when a friendly Gulf country is withdrawing its deposit of over $3 billion from Pakistan’s reserves. In response, Saudi Arabia has committed to replacing this amount by placing a similar deposit with the State Bank of Pakistan, ensuring that the country’s reserve levels remain stable.
Officials described the move as an “extraordinary gesture” by the Saudi leadership, reflecting both strategic trust and strong bilateral ties between the two countries. It is pertinent to mention that the State Bank of Pakistan already holds Saudi deposits of $5 billion.
Sources said that the Pakistani leadership, both civil and military, is deeply grateful for this special and personal gesture by the Crown Prince. Meanwhile, Prime Minister Shehbaz Sharif is expected to visit Saudi Arabia soon, where he will meet the Crown Prince to personally convey Pakistan’s gratitude for the timely support.
During the visit, the prime minister is also expected to brief the Saudi leadership on Islamabad talks and Pakistan’s diplomatic efforts to facilitate second round of dialogue between the US and Iran. Pakistan has been actively working to bring both sides to the negotiating table and is trying to arrange another round of talks before April 22 in a bid to turn the current ceasefire into a more durable arrangement. Sources believe that Saudi Arabia’s backing, coupled with Pakistan’s mediation efforts, could play a constructive role in promoting regional stability.
