Cash-strapped Islamic Republic of Pakistan has received USD 2 billion from Saudi Arabia.
“State Bank of Pakistan (SBP) has received (a) deposit of USD 2 billion from the Kingdom of Saudi Arabia. This inflow has increased the forex reserves held by SBP and will accordingly be reflected in the forex reserves for the week ending 14 July 2023,” Finance Minister Ishaq Dar announced in a tweet.
“This deposit will strengthen Pakistan’s foreign exchange reserves. It reflects the growing confidence of our brotherly countries and the international community in Pakistan’s economic turnaround. We remain committed to making all necessary efforts to improve Pakistan’s economy,” Prime Minister Shehbaz Sharif said.
Last month, the Pakistan government and the International Monetary Fund (IMF) reached a staff-level agreement to inject a USD 3 billion Standby Arrangement (SBA) into the ailing economy after months-long negotiations that pushed the country to the brink of default.
