Saudi Rollover: Aurangzeb Confirms Extension of $3 Billion Deposit

ISLAMABAD: Saudi Rollover received a boost on Thursday after Finance Minister Muhammad Aurangzeb confirmed that Saudi Arabia had extended Pakistan’s $3 billion cash deposit, helping the country maintain its foreign exchange reserves.

“We are all good on that,” Aurangzeb told reporters when asked whether the Kingdom had rolled over the deposit that matured earlier this week. He spoke to the media after attending a meeting of the Senate Standing Committee on Finance.

Saudi Arabia provided the $3 billion deposit in April 2026 for three months to help Pakistan repay debt owed to the United Arab Emirates (UAE). Although the Ministry of Finance had not officially commented on the rollover for several days, Aurangzeb confirmed the extension after returning from an official visit to Saudi Arabia with Power Minister Sardar Awais Leghari, where they discussed bilateral financial and economic cooperation.

Under Pakistan’s $7 billion International Monetary Fund (IMF) programme, Saudi Arabia, China and the UAE committed to maintaining combined deposits of $12.5 billion with the State Bank of Pakistan until the IMF programme ends in September 2027.

After the UAE withdrew part of its support, Saudi Arabia increased its financial exposure to $8 billion, helping Pakistan maintain external financial stability.

Officials said Pakistan is exploring several options to extend the maturity of its short-term external debt and restructure payments related to energy projects developed under the China-Pakistan Economic Corridor (CPEC).

Pakistan has also requested Saudi Arabia to provide a $6.7 billion oil financing facility on deferred payments over 15 years to strengthen the country’s energy security amid continuing tensions in the Middle East.

Saudi Arabia has already extended the repayment period for another cash deposit, further supporting Pakistan’s external financing position.

Pakistan’s gross official foreign exchange reserves currently stand at approximately $18.5 billion, providing import cover for around three months.

BISP vacancies debated

The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, also discussed more than 1,300 vacant positions in the Benazir Income Support Programme (BISP), representing nearly 38 per cent of the organisation’s approved workforce.

Finance Minister Aurangzeb argued that the Finance Committee should not discuss BISP recruitment and suggested referring the matter to the relevant parliamentary committee dealing with poverty alleviation.

However, BISP Chairperson Senator Rubina Khalid said the Finance Division had opposed the recruitment process, making the issue relevant for the finance committee. She added that BISP has not hired new employees since 2014, creating operational challenges as the programme continues to expand.

Aurangzeb maintained that the government’s decision to distribute the programme’s Rs838 billion annual allocation through digital payment systems would reduce the need for additional hiring. He suggested that the organisation should rely on workforce attrition rather than recruit new staff.

Rubina Khalid disagreed, saying BISP already depends on employees from other government departments who have served on deputation for several years. She warned that this practice weakens institutional capacity and affects long-term performance.

She also stressed that although beneficiaries now receive payments through banking channels, BISP still requires permanent operational staff to manage registrations, field operations and programme implementation.

Aurangzeb said the government is digitising all BISP payments through digital wallets to improve transparency, efficiency and service delivery. He added that stronger digital systems would help prevent irregularities during future payment cycles.

The committee referred the recruitment issue to the government’s austerity committee, which will review staffing requirements before making a final recommendation.

Officials informed the committee that BISP has an approved workforce of 3,486 employees, with approximately 1,300 positions currently vacant.