Sunday, July 14, 2024

Saudi Arabia Signals 2 Billion Dollars for Financial Support

Saudi Arabia Signals 2 Billion Dollars for Financial Support

Pakistan’s economy is set to receive a much-needed boost as Saudi Arabia has given the green signal for funding worth $2 billion.

The development coincides with essential advancements in $3 billion in financing from friendly nations.

According to sources in the finance ministry, Saudi Arabia has permitted Pakistan to receive $2 billion in loans.

China rolled over its $2 billion safe deposit in the final week of March on the same terms as the nation’s foreign exchange reserves remained stable. According to sources, the payment has been postponed for a whole year.

According to additional sources, Pakistan was attempting to confirm finance from Saudi Arabia and the United Arab Emirates (UAE), which is a “prerequisite” for obtaining a loan tranche from the International Monetary Fund (IMF).

According to other sources, the IMF wants Pakistan to reduce its petroleum imports and reach the target collection goal of Rs. 850 billion for the petroleum development levy.

Also, the nation is under pressure to meet the current fiscal year’s tax collection goal.

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