Pakistan receives $3bn Saudi deposit

dollar 1 - Pakistan receives $3bn Saudi deposit

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Shaukat Tarin Saturday announced that Pakistan has received a $3 billion deposit from Saudi Arabia to lend support to the local currency and help bolster foreign exchange reserves of the country.

In a tweet, Tarin thanked Crown Prince Mohammad Bin Salman and the Kingdom of Saudi Arabia for the kind gesture.

“Good news, US$3 billion Saudi deposit received by SBP. I want to thank His Excellency Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture”, the Adviser tweeted.

On November 29, Pakistan and Saudi Arabia had signed an agreement to pave way for receipt of $3 billion financial assistance besides $1.2 billion on deferred payment.

It is the second financial assistance package that the kingdom has extended to Pakistan in the past three years, aiming to help the country manage a brewing external sector crisis.

The Kingdom of Saudi Arabia had extended a similar package valued at $6 billion in October 2018 to provide breathing space to Pakistan before the country went to the International Monetary Fund for an extended loan facility.

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