Pakistan receives final tranche of $1b from Saudi Arabia

Saudi Arabia Pakistan UAE bailout package economic crisis financial assistance
25 Jan, 2019 3:00 pm

ISLAMABAD (92 News) – Pakistan has received the final installment of one billion dollars from Saudi Arabia.

Bank of Pakistan received another $1 billion from Saudi Arabia, making up the final instalment of a $3 billion support package. The deposit completes the $3 billion package that Pakistan signed with Saudi Arabia aimed at helping the country averts a balance-of-payment crisis.

On its twitter account, the State Bank of Pakistan confirmed that it has received the amount.

 

The kingdom had deposited $2 billion in Pakistan’s central bank earlier.

The latest transfer comes a day after the UAE deposited the first installment amounting to $1 billion of a $3 billion financial support package in the State Bank. The payment was made following an agreement with the Abu Dhabi Fund for Development in Abu Dhabi on January 22.

After the deposits from the UAE and Saudi Arabia, the State Bank’s reserves have climbed to $8.86 billion while the country’s foreign exchange reserves now stand at around $15.25 billion.


Pakistan receives $1bn as second installment from Saudi Arabia

Earlier on December 14, Pakistan received the second installment of $1 billion from Saudi Arabia.

According to the Foreign Ministry officials, the foreign exchange reserves held at $9.26 billion after taking $1 billion of Saudi package. It was also reported that Pakistan will receive the third installment in coming next month.

Last month, the State Bank of Pakistan (SBP) had confirmed receiving the first $1 billion from the Kingdom.

Earlier during the visit of Prime Minister Imran Khan in Saudi Arabia, he said that the country has received an excellent package from Saudi Arabia and now it will not be burdened even after getting a loan from the International Monetary Fund.

The premier said that they are holding talks with other friendly countries for such packages. “Pakistan is playing the role of a mediator to end the Saudi-Yemen conflict. The Muslim Ummah is in trouble due to the Yemen war. We are uniting the Muslim countries,” he announced.

 




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