Saudi Arabia and the United Arab Emirates (UAE) have not withdrawn their $2 billion cash deposits that they provided #Pakistan as loans. Both these loans matured in the fourth week of January 2021.
This indicates an improvement in lately-frosty relations between Pakistan and the two key Gulf nations
The move by the Kingdom of Saudi Arabia (KSA) is also important, considering that the country had already withdrawn $2 billion out of $3 billion loans that it extended to Pakistan in late 2018.
In December 2020, with the withdrawal of $1 billion deposits, Pakistan’s foreign minister had said that KSA had to take this step due to a slump in crude oil prices.
At the moment, it is unclear whether KSA would also revive the $3.2 billion deferred oil financing facility. The kingdom had withdrawn the said financing facility in May last year.
On the other hand, the UAE has also rolled over a $1 billion deposit for another year.
