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Pakistan receives $1 billion from Saudi Arabia
Pakistan Monday received $1 billion from Saudi Arabia as part of a $3billion package pledged by the Kingdom to Islamabad as balance of payment support, the State Bank of Pakistan (SBP) said. The remaining amount of $2 billion is expected to arrive in Pakistan in the coming months, a spokesman of the central bank said. […]
Pakistan Monday received $1 billion from Saudi Arabia as part of a $3billion package pledged by the Kingdom to Islamabad as balance of payment support, the State Bank of Pakistan (SBP) said.
The remaining amount of $2 billion is expected to arrive in Pakistan in the coming months, a spokesman of the central bank said. “Saudi Arabia will release another $2 billion in two equal tranches over the next two months under an understanding the two sides reached during Prime Minister Imran Khan’s visit to Riyadh last month,” SBP spokesman Abid Qamar said, adding that the funds received from Saudi Arabia on Monday will be reflective on November 29 when SBP releases its weekly figures for the foreign exchange reserves.
The much-needed inflow comes at a time when Pakistan and the International Monetary Fund (IMF) are negotiating a bailout package.Following Prime Minister Imran Khan’s visit to Saudi Arabia last month, the government announced that Riyadh had agreed to deposit $3 billion for a period of one year as balance of payment support. A one-year deferred payment facility for import of oil up to $3 billion would also be provided with this arrangement being in place for three years.
The loan has improved the country’s capacity to pay for imports and conveniently pay off upcoming external debt installments in the current fiscal year.
Published in Daily Times, November 20th 2018.
