Pakistan receives first installment of $1 billion Saudi aid

ISLAMABAD (92 News) – Pakistan on Monday received the first installment of $1 billion aid from Saudi Arabia. The State Bank spokesperson of confirmed that the first installment of $1 billion was deposited to the State Bank of Pakistan. The spokesperson also informed that after receiving the first installment of Saudi aid, the Pakistan’s foreign reserves reached at $14.8 billion level. On the other hand, the reserves for commercial banks also increased and their reserves stand on $6.35 billion. Earlier on October 23, Saudi Arabia had agreed to give Pakistan $3 billion for one year as a balance of payment support. The remaining $2 billion are expected to arrive within the next two months. The agreement between the two countries was signed during a visit by Prime Minister Imran Khan to Riyadh last week on the invitation of the Custodian of the Two Holy Mosques.