Saudi Arabia steps in with $3 Billion to help Pakistan meet UAE debt repayment

Saudi Arabia will help Pakistan bridge a multibillion dollar gap in its finances linked to an upcoming debt repayment to the United Arab Emirates.

Riyadh has announced $3 billion in additional support for Pakistan and extended the rollover arrangement for an extra $5 billion deposit for a longer period, Pakistan Finance Minister Muhammad Aurangzeb told reporters in Washington.

The move underlines a deepening relationship between Riyadh and Islamabad, cemented last year by a mutual defense pact treating aggression against either as an attack on both.

"We can confirm that Saudi Arabia has agreed to a $3 billion deposit with Pakistan to support their balance of payments," a Saudi Ministry of Finance spokesperson told Reuters.