Pakistan receives $2 billion from Saudi Arabia: Ishaq Dar
Following the $3 billion Stand-by Agreement with the International Monetary Fund (IMF), Pakistan’s Finance Minister Ishaq Dar announced on Tuesday that the State Bank of Pakistan (SBP) had received $2 billion from Saudi Arabia.
As a result of this inflow, SBP’s forex reserves have increased and will be reflected in the forex reserves for the week ending July 14, 2023,” Dar said.
The minister thanked the Saudi leadership for their great gesture and support by depositing $2 billion with the State Bank of Pakistan on behalf of the prime minister and army chief.
Also, Shehbaz Sharif thanked Saudi Arabia and Crown Prince Mohammad Bin Salman for supporting Pakistan financially.
The deposit will strengthen Pakistan’s foreign exchange reserves. This reflects the growing confidence of our brotherly countries and the international community in Pakistan’s economic recovery. Our commitment to improving Pakistan’s economy remains strong,” said the premier.
In addition, he expressed his appreciation for the efforts of Dar and Army Chief of Staff General Asim Munir regarding this matter.
Afterward, the prime minister met with Saudi Ambassador Nawaf Bin Saeed Ahmed Al-Malkiy and thanked him for Saudi leadership’s “unwavering support” for Pakistan.
Furthermore, he asked the ambassador to convey his “special gratitude” to the Saudi crown prince for the $2bn deposit.