Saturday, March 2, 2024

Saudi Arabia deposits 4.3 Billion in state bank of Pakistan’s reserves.

Saudi Arabia has promised to provide Pakistan with a $4.2 billion lifeline per year in the form of cash assistance and oil on a deferred payment basis, according to Information Minister Fawad Chaudhry.

According to Chaudhry, Saudi Arabia will deposit $3 billion in cash in the State Bank of Pakistan and deliver $1.2 billion in oil on a deferred payment basis.

It is the Kingdom’s second financial assistance package to Pakistan in the last three years, aimed at assisting the country in managing the looming external sector crisis. In October 2018, the monarchy extended a $6 billion package to give itself some breathing room before beginning talks with the International Monetary Fund (IMF).

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