Pakistan receives another $2 billion from Saudi Arabia, further strengthening country’s forex reserves

Pakistan receives another $2 billion from Saudi Arabia, further strengthening country’s forex reserves

Finance Minister Ishaq Dar said on Tuesday that the State Bank of Pakistan (SBP) has received $2 billion from Saudi Arabia, in yet another boost for the ailing economy following the $3 billion Stand-by Agreement with the International Monetary Fund (IMF). Prime Minister Shehbaz Sharif expressed his gratitude to Saudi Arabia and Crown Prince Mohammad Bin Salman for ensuring financial support to Pakistan.

READ ALSO: FIVE FIRS REGISTERED ACROSS PUNJAB AGAINST AHMADIS FOR SACRIFICING ANIMALS ON EIDUL AZHA

The financial support will shore up the depleting foreign exchange reserves at the central bank, which had dipped to cover barely a month of controlled imports.

The executive board of the IMF will meet on July 12 to review the $3 billion Stand-by Arrangement (SBA) for Pakistan, the staff-level pact for which was finalised last week.

Source: Dawn

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