India, April 16 -- Saudi Arabia has pledged an additional financial support of $3 billion to Pakistan and also extended an existing $5 billion facility for three years, local media reported. 

The support comes at a crucial juncture as Islamabad prepares to repay $3.5 billion to the United Arab Emirates (UAE) this month and faces pressure on its foreign exchange reserves.

"Saudi Arabia has pledged an additional $3 billion in deposits for Pakistan and has extended its existing $5 billion facility for a further three years," Dawn quoted Finance Minister Muhammad Aurangzeb as saying in Washington.

"The existing $5 billion Saudi deposit would no longer be subject to the previous annual rollover arrangement and would instead be extended...