Dawood Ahmed:
In a major breakthrough, Saudi Arabia provided $2 billion to support Pakistan in its support to overcome the worst financial crisis. This was revealed by the Finance Minister, Muhammad Ishaq Dar on Tuesday morning.
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).
“This inflow has increased the forex reserves held by SBP and will accordingly be reflected in the forex reserves for the week ending July 14, 2023,” Dar said.
“On behalf of the prime minister and army chief, I extend our heartfelt thanks to the leadership of the Kingdom of Saudi Arabia for their great gesture and support by placing the said deposit of $2 billion with the State Bank of Pakistan,” the minister added.
Prime Minister Shehbaz Sharif also expressed his gratitude to Saudi Arabia and Crown Prince Mohammad Bin Salman for ensuring financial support to Pakistan.
“This deposit will strengthen Pakistan’s foreign exchange reserves. It reflects the growing confidence of our brotherly countries and the international community in Pakistan’s economic turnaround. We remain committed to making all necessary efforts to improve Pakistan’s economy,” the premier said.
