SBP receives $1bn 2nd installment of Saudi aid: sources
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KARACHI: The State Bank of Pakistan on Friday received another tranche of $1 billion from Saudi Arabia after which the SBP reserves increased to $8.26 billion.
“Pakistan will receive the third installment in mid-January,” said the sources in Ministry of Finance.
Last month, the State Bank of Pakistan (SBP) had confirmed receiving the first $1 billion from Saudi Arabia.
During Prime Minister Imran Khan’s visit to the Kingdom on October 23 it was announced that Saudi Arabia had agreed to provide a $12 billion package to Pakistan to support its ailing economy. The package included $3 billion balance of payments support and $3 billion in deferred payments on oil import.
According to experts, the aid will reduce the pressure on Pakistan’s foreign currency reserves and the value of rupee might rise against the US dollar.
The current Pakistan Tehreek-e-Insaf (PTI) government has also approached China and the International Monetary Fund (IMF) to seek packages to support the economy.
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