Islamabad: (Right Now News) Saudi Arabia has assured Pakistan of full financial support. The commitment to continue aid during challenging economic conditions was expressed. Discussions on loans, deferred oil facility, and economic cooperation took place during the Saudi Finance Minister’s visit to Pakistan.

Saudi Arabia has agreed to enhance economic cooperation with Pakistan. According to the Ministry of Finance, a request for a $5 billion loan and extension of the oil financing facility was made. The proposal to extend the oil facility for another 5 years is under consideration.

Pakistan faces a payment pressure of $4.8 billion this month. A payment of $1.4 billion for Eurobonds has already been made. Financial assistance is crucial to maintain foreign exchange reserves.

Both countries emphasized increasing cooperation in trade, investment, and the economy. The Saudi Finance Minister met with Prime Minister Shehbaz Sharif to discuss strengthening relations further.

It is noteworthy that the visit of Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan to Pakistan signals a strengthening of the partnership between the two countries. A meeting at the World Bank and IMF sessions is anticipated.