WASHINGTON, Wednesday, April 15, 2026 (WNP): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Wednesday announced that Saudi Arabia has committed an additional $3 billion in deposits for Pakistan, with disbursement expected in the coming week, while also extending the existing $5 billion deposit for a longer period.
Speaking to media on the sidelines of the World Bank–IMF Spring Meetings 2026, the finance minister said the earlier annual rollover arrangement for the $5 billion Saudi deposit would no longer apply, reflecting strengthened financial cooperation between the two countries.
He noted that the fresh support comes at a critical juncture for Pakistan’s external financing needs and will help reinforce foreign exchange reserves and stabilize the external account.
Reaffirming the government’s commitments under the IMF-supported programme, Aurangzeb said Pakistan aims to build reserves to around $18 billion — equivalent to approximately 3.3 months of import cover — by the end of the current fiscal year.
Highlighting recent developments, the minister said Pakistan had successfully repaid its $1.4 billion Eurobond last week, describing it as a “non-event,” and reiterated that the government remains fully committed to meeting all upcoming external obligations on time.
Aurangzeb also detailed his engagements in Washington, including a meeting with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan, alongside the Governor of the State Bank of Pakistan and Pakistan’s Ambassador to the United States. He noted that prior discussions had also taken place in Islamabad but were not made public earlier due to the need for formal confirmation.
The finance minister expressed gratitude to the Saudi leadership, particularly Crown Prince Mohammed bin Salman, for continued support, and acknowledged the contributions of Pakistan’s political and economic leadership in securing the package.
He said Pakistan is receiving positive recognition from international financial institutions, including the IMF and the World Bank, as well as investors, for its economic management and recent diplomatic efforts.
Aurangzeb further noted that Pakistan is advancing its broader external financing strategy, including the Global Medium-Term Note (GMTN) programme and plans for its inaugural Panda Bond issuance to diversify funding sources and enhance market access.
He reaffirmed the government’s commitment to macroeconomic stability, reform continuity, and sustained engagement with bilateral and multilateral partners, adding that a detailed media interaction would follow at the conclusion of the visit.
