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‘Pakistan to receive $3bn Saudi assistance within a week’

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ISLAMABAD: Pakistan will receive $3 billion in financial assistance from Saudi Arabia within a week.

A spokesperson for the Ministry of Finance Muzammil Aslam said on Friday that the Saudi financial aid would be deposited in the State Bank of Pakistan (SBP) within a week.

“SBP is in touch with the Saudi central bank to finalize the transaction,” Aslam said, adding the $3 billion deposit from Saudi Arabia will be for a year as per the agreement.

Earlier on Thursday, Information Minister Fawad Chaudhry said that all legal matters relating to transfer had been finalized. “Pakistan will get these dollars this week,” he tweeted.

The Saudi Fund for Development (SFD) announced a financial package of $4.2 billion after Prime Minister Imran Khan’s visit to Saudi Arabia in October this year. The SFD said it would deposit $3 billion into Pakistan’s central bank to support the shrinking foreign reserves.

The kingdom, which is a leading supplier of oil to Pakistan, also pledged it would additionally supply $1.2 billion worth of oil to Islamabad on credit.

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