Saudi Arabia anticipated increasing its deposits in Pakistan: Ishaq Dar

Saudi Arabia anticipated increasing deposits in Pakistan in a few days,” according to Finance Minister Ishaq Dar’s statement on Wednesday.

A rollover, he claimed in a press conference, “is not an unusual event.”

“Every country in the world has the option of rolling over debt or borrowing fresh money to pay down previous obligations. Dar declared, “We have decided to roll over the deposits.

The reserves of Pakistan were, according to him, “clean until 2018 and no other country had deposits in Pakistan.”

He hoped that the government would finish the ninth evaluation of the International Monetary Fund (IMF) program, which would allow Pakistan to receive the subsequent loan payment.

Despite bleak economic conditions and impending debt payback deadlines, the finance minister dismissed the risk of default.

He declared, “Pakistan will uphold all of its international commitments.”

According to sources, Pakistan anticipates Saudi Arabia’s multibillion-dollar assistance.

It is important to note that the State Bank of Pakistan’s (SBP) foreign exchange reserves dropped by another $294 million last week, dropping to a critically low level of $5.82 billion. Since April 2014, SBP-held reserves have never been this low.

The Pakistan Tehreek-e-Insaf produced a white paper a day ago, but the finance minister claimed that it was misleading and that the majority of the macroeconomic numbers were incorrect.

He criticized the PTI for “deceiving” the populace with its economic “White Paper.”

According to the finance minister, the economy was in “better condition” under the Pakistan Muslim League-Nawaz (PML-N) administration than it had been during the PTI’s four-year rule.

In its document, PTI offered a bleak image of the economy and claimed that inflation has sharply increased during the previous eight months in the nation.