Ishaq Dar, Pakistan’s finance minister, reported on Tuesday that Saudi Arabia had provided $2 billion in foreign financing to Pakistan.
“SBP has received funds from Saudi Arabia,” Ishaq Dar said while addressing a press conference in Islamabad today.
State Bank of Pakistan (SBP) has received 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 14July2023.
— Ishaq Dar (@MIshaqDar50) July 11, 2023
Country’s foreign reserves will be established with the aid of Saudi deposits, he continued.
Finance Minister Thanked KSA For Supporting Pakistan
Ishaq Dar praised Saudi Arabia for its dedication to supporting the nation in all trying circumstances. On behalf of Shehbaz Sharif, the prime minister, and General Asim Munir, the chief of the army staff, he also expressed gratitude to the Saudi leadership.
On behalf of
PM @CMShehbaz,
COAS @_GenAsimMunir, myself @MIshaqDar50 and the People of Pakistan,
I extend our heartfelt thanks to the leadership of Kingdom of Saudi Arabia for their great gesture and support by placing said deposit of $2 billion with State Bank of Pakistan!— Ishaq Dar (@MIshaqDar50) July 11, 2023
The finance minister claimed that country’s economy is on the right track and that more “good developments” are anticipated in the country’s near future.
It should be emphasized that the IMF had required the Pakistani government to obtain a formal guarantee for the deposit from the friendly nations.
Govt. and the International Monetary Fund (IMF) reached a crucial $3 billion staff-level agreement on June 30.
The International Monetary Fund (IMF) said that a “Stand-By Arrangement” worth $3 billion for 9 months had been successfully negotiated with the nation.
This deal will receive final approval from the IMF executive board, which is anticipated to happen in mid-July. Following this permission, govt. would be able to borrow $3 billion.
To read pour blog on “IMF Board to meet on July 12 to ratify $1.1B for Pakistan,” click here.
