Saudi Arabia will help Pakistan’s finances, according to Finance Minister Mohammed Al Jadaan, as it looks to help shore up alliances with countries struggling with the impact of rising inflation, Report informs referring to Bloomberg.
The Saudi government will “continue to support Pakistan as much as we can,” Al Jadaan said at a press conference in Riyadh.
The kingdom has taken several steps to provide financial support to countries in the region as it looks to bolster allies and cement new relationships. It extended the term of a $3 billion deposit to boost foreign currency reserves and help Pakistan in overcoming economic repercussions of the coronavirus pandemic earlier this month.
Saudi Arabia is also looking to do more investments in Egypt and is planning to start doing deals in Turkiye, Al Jadaan said at a news conference in Riyadh.
“Our relationship with Turkiye is improving greatly, and we hope to have investment opportunities,” he said. “We have started investing aggressively in Egypt and we will continue to look at investment opportunities and that is more important than deposits. Deposits can be pulled but investments stay.”