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Saudi Arabia Plans to Renew $3 Billion Deposit to Pakistan

Vendors sell fruits in rain at a market in Rawalpindi, Pakistan, on July 29.

Vendors sell fruits in rain at a market in Rawalpindi, Pakistan, on July 29.

Photographer: Asad Zaidi/Bloomberg

Saudi Arabia plans to renew its $3 billion deposit in assistance to Pakistan, as the South Asian nation looks to rein in one of Asia’s highest inflation rates and stave off a current-account crisis, according to people familiar with the matter.

The Saudi Finance Ministry plans to renew its $3 billion deposit with State Bank of Pakistan as soon as this week, the people said, asking not to be identified discussing private deliberations. The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support, the people added.