State Bank of Pakistan announced on Tuesday morning that it has received an additional $1 billion from Saudi Arabia, completing the total transfer of $3 billion from the Kingdom.
This means Pakistan has received a total of $3 billion from Saudi Arabia within a week.
Earlier, Federal Finance Minister Muhammad Aurangzeb had stated that Saudi Arabia had committed to providing an additional $3 billion in deposits.
According to a statement issued by the Ministry of Finance, the support has come at a critical time for Pakistan’s external financing needs and will help strengthen foreign exchange reserves while supporting the country’s external accounts.
Read more: UAE rejects debt extension, says Finance Minister Muhammad Aurangzeb
Meanwhile, Pakistan is expected to repay around $3.5 billion in debt to United Arab Emirates this month, which could increase pressure on foreign reserves and potentially impact targets under the International Monetary Fund program.
In this context, the State Bank had earlier confirmed receiving $2 billion from Saudi Arabia, and has now stated that the remaining $1 billion has also been received.
Earlier, it was reported that Saudi Arabia and Qatar would provide Pakistan $5 billion in financial assistance to Pakistan.
During his visit Prime Minister Muhammad Shehbaz Sharif met with the Crown Prince of Saudi Arabia, Prince Muhammad bin Salman bin Abdulaziz Al Saud, in Jeddah.
PM Shehbaz Sharif landed in Saudi Arabia as part of the initial segment of his three-nation tour, which was taking place amid ongoing active negotiations aimed at achieving peace in the Middle East.
The Prime Minister was on a visit to Saudi Arabia, Qatar, and Turkey from April 15 to 18.
Deputy Prime Minister and Foreign Minister Ishaq Dar, Information Minister Atta Tarar, and Special Assistant Tariq Fatemi are also accompanying him.
Also read: State Bank of Pakistan receives $2 billion from Saudi Arabia
