On Saturday, Turkish media reported that Saudi Arabia and Qatar will provide Pakistan with $5 billion in financial assistance to help shore up Islamabad‘s dwindling foreign currency reserves, which currently stand at about $16.4 billion.

The development comes as the UAE is requiring Pakistan to repay a $3.5 billion debt by the end of the month.

Pakistan‘s reserves have come under additional pressure recently, thanks to rising costs for imported fuel resulting from the US-Israeli war on Iran.