Minister of Information and Broadcasting Fawad Chaudhry revealed that the legal formalities for the $3 billion contributions from Saudi Arabia have been finalised, and the funds will be released this week. Saudi Arabia has also permitted direct flights from Pakistan, according to the information minister, who made the announcement on Twitter.
Riyadh pledged to restart its financial support to Islamabad during Prime Minister Imran Khan’s visit earlier in October, including around $3 billion in safe deposits and $1.2 billion in oil supplies on deferred payments. This Saudi facility, in the form of $3 billion deposits, would help the State Bank of Pakistan (SBP) shore up the country’s declining foreign exchange reserves at a time when they were on the decline.
