Saudi Arabia extends financial support to Pakistan amid ‘difficult times’

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RIYADH – Saudi Arabia’s Fund for Development has announced to deposit $3 billion with State Bank of Pakistan (SBO) to help the government support its foreign currency reserves and tackle the economic fallout of the coronavirus pandemic.

According to the Saudi Press Agency, this deposit is in addition to an oil deferred payment facility of $1.2 billion for petroleum products during the year.

Prime Minister Imran Khan has thanked Saudi Crown Prince Mohammad Bin Salman for supporting Pakistan.

“I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak’s central bank & financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices,” he wrote on Twitter.

Meanwhile, Minister for Energy Hammad Azhar, in a tweet, said the Saudi assistance and the oil deferred payment facility of $1.2 billion per annum will ease pressures on Pakistan’s trade and forex accounts as a result of global commodities price surge.

With the induction of the funds from Saudi Arabia, the central bank reserves will reach $21 billion.

Adviser on Finance Shaukat Tarin has said Saudi financial support package is for one year and will prove to be useful especially when rupee is under pressure and international oil prices are soaring.

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