Saudi Arabia mulling ‘creative ways’ to support Pakistan

After extending the term of a $3 billion deposit to boost its foreign-currency reserves late last year, Saudi Arabia’s finance minister has said his country is also discussing with the World Bank and other institutions how can it be “more creative to provide that support” to Pakistan. Speaking at the World Economic Forum, Mohammed Al-Jadaan also indicated the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally. “We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms,” the minister said. “We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part.” Earlier this month, Saudi state media reported the kingdom could boost its investments in cash-strapped Pakistan to $10 billion, from the $1 billion announced in August, as well as increase the ceiling on deposits into the Pakistan central bank to $5 billion.