Pakistan has requested financial support from Saudi Arabia to address a funding gap identified by the IMF. The country is seeking a $1.2 billion oil facility and an additional $400 to $500 million from the International Islamic Trade Finance Corporation (ITFC) to fill a $2 to $2.5 billion financing gap.
Additionally, Pakistan has approached Gulf commercial banks and Standard Chartered Bank for a $1 billion loan. Overall, the country aims to secure $26.2 billion in funding for the current fiscal year to support its economy.
In a recent meeting, Finance Minister Muhammad Aurangzeb spoke with Saudi Ambassador Nawaf Bin Said Al-Malki, highlighting Pakistan’s commitment to economic reforms and seeking further investment from Saudi Arabia to aid in the country’s financial recovery.