Thursday, as the country’s foreign exchange reserves dwindled dangerously low, Finance Minister Ishaq Dar requested $4.2 billion from Saudi Arabia.
According to reports, the government would make a $1.2 billion purchase of oil and fertilisers from Saudi Arabia using a deferred payment plan.
Crown Prince Muhammad Bin Salman has been notified of the request.
Sources say that the country’s foreign exchange reserves have dropped to $6.7 billion, the lowest level since January 2019. This amount is insufficient to cover the $8.8 billion in principle and interest payments due this fiscal year.
