ISLAMABAD: Pakistan has approached Saudi Arabia for long-term economic cooperation and financial support amid rising regional uncertainty caused by tensions in the Middle East.
According to official sources, Pakistan has submitted eight requests to Saudi authorities as part of a broader plan to strengthen economic cooperation.
One key request asks Saudi Arabia to convert its existing $5 billion deposit in Pakistan into a long-term facility for 10 years. Officials believe this move will help stabilize Pakistan’s foreign exchange reserves and support the country’s financial position.
Pakistan has also requested an increase in the deferred oil payment facility. Currently, the arrangement allows Pakistan to import oil worth $1.2 billion annually on deferred payments. Islamabad has asked Riyadh to expand this limit to $5 billion.
In addition, Pakistan has sought an extension of the facility’s duration to ensure stable energy supplies during economic uncertainty.
Sources further revealed that Pakistan proposed the secularization of up to $10 billion in remittances sent by overseas Pakistanis. The plan aims to strengthen foreign exchange inflows and improve liquidity.
The requests come as Pakistan continues negotiations with the International Monetary Fund for the third review of the $7 billion Extended Fund Facility (EFF) programme.
Officials say Pakistan and Saudi Arabia were already discussing a broader economic cooperation package before the latest regional developments. The new proposals aim to expand that cooperation and provide long-term financial stability.
Analysts believe stronger economic coordination between Islamabad and Riyadh could help Pakistan manage external financing pressures while ensuring stable energy imports.
