Pakistan receives $2bn from Saudi Arabia: Ishaq Dar

MG News | July 11, 2023 at 11:34 AM GMT+05:00

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July 11, 2023 (MLN): The State Bank of Pakistan (SBP) has received a $2 billion deposit from Saudi Arabia, Federal Minister for Finance Muhammad Ishaq Dar informed while addressing a press conference in Islamabad on Tuesday.

This inflow will help Pakistan’s foreign exchange reserves to increase.

As of June 30, 2023, the country's total reserves stood at $9.75bn.

On the back of foreign assistance, the SBP reserves will reach around $9bn by the end of this month, Khurram Schezad said while talking to a local news channel.

This inflow will help the rupee to gain some ground in the short term. However, in the medium and long term, PKR will remain under pressure, he added.

Ishaq Dar extended his gratitude to Saudi King Salman bin Abdulaziz and Crown Prince Muhammad bin Salman and acknowledged the kingdom’s friendship and assistance to Pakistan throughout its history.

It is worth noting that Pakistan had earlier received $1bn from China, on June 16.

At the end of the outgoing month, the long-standing Staff Level Agreement (SLA) worth $3bn finally been signed between the International Monetary Fund (IMF) and Pakistan.

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