Pakistan receives $2B in financial support from Saudi Arabia
ANKARA (AA): Pakistan has received $2 billion in financial assistance from Saudi Arabia, days after Islamabad and the IMF reached a $3 billion stand-by agreement, the country’s finance minister announced on Tuesday.
“State Bank of Pakistan (SBP) has received a deposit of $2 billion from the Kingdom of Saudi Arabia. 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 July,” Ishaq Dar wrote on Twitter.
On June 30, Pakistan signed a nine-month IMF agreement under a standby arrangement for $3 billion, subject to IMF board approval on July 12.
The deal will help shore up the South Asian country’s depleting foreign reserves and contain a mounting balance of payment crisis.
The South Asian Muslim nuclear power has been grappling with an unprecedented economic crisis, intensified by political instability and massive damage from monster-monsoon floods last summer.
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