Pakistan receives $2 billion from Saudi Arabia, confirms Dar

ISLAMABAD: Finance Minister Ishaq Dar on Tuesday said Pakistan has received external financing of $2 billion from Saudi Arabia, ARY News reported.

“State Bank of Pakistan has received funds from Saudi Arabia,” Ishaq Dar said while addressing a press conference in Islamabad here today.

Saudi deposits will help in establishing Pakistan’s foreign reserves, he added.

Dar lauded Saudi Arabia’s commitment to standing with Pakistan in every tough situation. He also thanked Saudi Arabian leadership on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff (COAS) General Asim Munir.

The finance minister said Pakistan’s economy is moving in the right direction and more ‘good developments’ are expected in the upcoming days for Pakistan.

It may be noted that the IMF had demanded of the Pakistani government to get a written guarantee from the friendly countries for the deposit.

Read more: Fitch upgrades Pakistan’s rating following IMF agreement

On June 30, Pakistan had signed a badly needed $3 billion staff-level agreement with the International Monetary Fund (IMF). International Monetary Fund (IMF) announced that a “Stand-By Arrangement” was reached successfully with Pakistan, valuing $3 billion for 9 months.

The final approval of this agreement will be given by the IMF’s executive board, which is expected to take place in mid-July. After this approval, Pakistan can receive a loan of $3 billion.