Pakistan, 27 October 2021 (TDI): Pakistan receives $ 4.2 billion in financial support from Saudi Arabia. A day after Prime Minister Imran Khan returned from a three-day state visit to the kingdom. Attending the middle east green initiative of the Saudi crown prince.
The Saudi financial package includes $ 3 billion in financial aid and a $ 1.2 billion worth of oil supply on deferred payments, deficit, according to Saudi media. Saudi Arabia’s fund to promote charity has announced a $ 3 billion deposit with the State Bank of Pakistan. To help the government fund its foreign exchange and fight the effects of the corona pandemic.
KSA continued support for Pakistan
The Saudi Press Agency (SPA) reported that the deposit was in addition, to an oil deferred payment facility of $ 1.2 billion for petroleum products during the year. The Saudi news agency added that the gesture reflected the Saudi Arabian government’s continued support for Pakistan’s economy. Financial advisor Shakut Tarin and Energy Minister Hammad Azhar will speak at a press conference to share details of the agreement later in the day.
Prime Minister Imran Khan thanked Saudi Crown Prince Mohammed bin Salman, saying Saudi Arabia has always supported Pakistan in difficult times. In a series of tweets, Pakistani ministers also shared a proclamation that Saudi timely financial aid would help the Pakistani economy. Facing a challenging situation after rising prices and the COVID-19 pandemic.
Series of Tweets
In a tweet, Pakistan’s information minister Fawad Choudhary added, Saudi Arabia going to invest $ 3 billion in Pakistan’s State Bank. And $ 1.2 billion worth of oil would be provided on deferred payments.
In a tweet earlier on Wednesday, Shaukat Tarin said, last night the Saudi Arabia’s finance minister informed me about the generous gesture of the Saudi Arabian State’s to place $ 3 billion with the State Bank of Pakistan (SBP). and $ 1.2 billion oil facility to help balance payments of Pakistan. We thank the Crown Prince and KSA for this kind act.
https://twitter.com/shaukat_tarin/status/1453190597704097794?s=20
Energy Minister Hammad Azhar, who also accompanied the Prime Minister on his visit to Saudi Arabia said the package would help in reducing pressure on Pakistan’s Trading and forex account. The Saudi development fund has generously announced for Pakistan. A $ 1.2 billion/ annum and a and $ 3 billion deposit in Pakistan’s State Bank of Pakistan (SBP).
This will help reduce the pressure on our trading and forex accounts due to rising global commodity prices. It is the second package of financial assistance that has been extended to Pakistan over the past three years. The KSA expanded the same package of 6 billion dollars in October 2018. To provide space before starting negotiations with the International Monetary Fund (IMF).
