Saudi Arabia on Tuesday agreed to give support worth at least $6bn to Pakistan to help the south Asian country avert a balance of payments crisis, in a move that highlights Riyadh’s financial clout even as it struggles to emerge from a diplomatic imbroglio.

At present, Islamabad’s liquid foreign currency reserves of about $8bn are only enough to finance about seven to eight weeks of imports, and the government of Imran Khan, prime minister, has been seeking a new loan from the IMF.

“It was agreed Saudi Arabia will place a deposit of $3bn for a period of one year as balance of payment support. It was also agreed that a one-year deferred payment facilities for import of oil, up to $3bn will be provided by Saudi Arabia,” said Pakistan’s finance ministry in a late-evening statement.