ISLAMABAD: Saudi Arabia has offered Pakistan $3 billion to help stave off a balance of payments crisis, the Pakistani foreign office said on Tuesday.
Pakistan said Saudi Arabia will place a deposit of $3 billion for one year. The finance ministers of both countries signed a memorandum of understanding to this effect during the Pakistani Prime Minister Imran Khan’s ongoing visit to the Kingdom.
The Kingdom has also offered a one-year deferred payment facility of up to $3 billion for the import of oil.
Pakistan faces a severe balance of payments crisis, with foreign exchange reserves falling to just over $14.6 billion, as of Oct. 12, according to the State Bank of Pakistan. The Pakistani rupee has also lost more than 20 percent of its value since the beginning of this year.
Pakistan’s balance of payments crisis is rooted in the country’s trade imbalance; the country’s oil and energy imports make up nearly a fifth of the import bill contributing to this imbalance. A deferred payment facility like the one offered by the Kingdom should help ease the pressure on the Pakistani economy in the short term.
Pakistani Prime Minister Imran Khan, along with his foreign, finance, and information ministers, is on a two-day visit to Saudi Arabia to participate in the Future Investment Initiative conference, also known as “Davos in the desert.”
Earlier, speaking at the conference in Riyadh, Khan invited attendees to invest in the country and reap benefits.
During the visit, Khan also met with King Salman and Crown Prince Muhammed bin Salman.
The Saudi Government has assured the Pakistani leadership of Saudi Arabia’s commitment to invest in a petroleum refinery in Pakistan, and explore other investment opportunities in the mining sector as well.
Furthermore, the crown prince has agreed to reduce the visa fee for Pakistani workers coming to the Kingdom, in an effort to enhance the Pakistani workforce in the Kingdom.
Saudi Arabia offers Pakistan $3bn to ease crisis
Saudi Arabia offers Pakistan $3bn to ease crisis
- Pledges deferred oil payments of up to $3 billion
- Pakistan currently facing severe balance of payments crisis, with foreign exchange reserves falling to just over $14.6 billion
Pakistan to send over 10,000 workers to Italy over three years after securing employment quota
- Government says Italy will admit 3,500 workers annually under seasonal and non-seasonal labor schemes
- It calls the deal a 'milestone' as Italy becomes the first European country to allocate job quota for Pakistan
ISLAMABAD: Pakistan has secured a quota of 10,500 jobs from Italy over the next three years, an official statement said on Saturday, opening legal employment pathways for Pakistani workers in Europe under Italy’s seasonal and non-seasonal labor programs.
Under the arrangement, 3,500 Pakistani workers will be employed in Italy each year, including 1,500 seasonal workers hired for time-bound roles, and 2,000 non-seasonal workers for longer-term employment across sectors.
The Ministry of Overseas Pakistanis and Human Resource Development said Italy is the first European country to allocate a dedicated labor quota to Pakistan, describing the move as a milestone in Pakistan’s efforts to expand overseas employment opportunities beyond traditional labor markets in the Middle East.
“After prolonged efforts, doors to employment for the Pakistani workforce in Italy are about to open,” Federal Minister for Overseas Pakistanis Chaudhry Salik Hussain said, calling the quota allocation a “historic milestone.”
The jobs will be available across multiple sectors, including shipbreaking, hospitality, healthcare and agriculture, with opportunities for skilled and semi-skilled workers in professions such as welding, technical trades, food services, housekeeping, nursing, medical technology and farming.
The agreement comes as Pakistan seeks to diversify overseas employment destinations for its workforce and increase remittance inflows, which remain a key source of foreign exchange for the country’s economy.
The ministry said a second meeting of the Pakistan-Italy Joint Working Group on labor cooperation is scheduled to be held in Islamabad in February 2026, where implementation and future cooperation are expected to be discussed.
