'Saudi Arabia promises to keep $3bn in Pakistan to help forex reserves'

ISLAMABAD: The advisor to the Prime Minister on Finance, Shaukat Tarin, has Wednesday said that the finance minister of Saudi Arabia has promised to keep US$3 billion with the State Bank of Pakistan and $1.2 billion deferred oil facility, ARY News reported.

“Kingdom of Saudi Arabia to place US$3bn with SBP & a $1.2bn deferred oil facility to help the balance of payment of Pakistan,” Shaukat Tarin said in a tweet earlier today.

The finance advisor has termed the bid a “generous gesture” on the part of the Kingdom of Saudi Arabia.

Yesterday evening the Finance Minister of Saudi Arabia informed me of the generous gesture of the Kingdom of Saudi Arabia to place US$3bn with SBP & a $1.2bn deferred oil facility to help the balance of payment of Pakistan.We thank the Crown Prince & the KSA for this kind gesture

— Shaukat Tarin (@shaukat_tarin) October 27, 2021

He expressed gratitude for the “kind gesture” that he said will help the balance of payment of Pakistan.

Late yesterday night the Saudi Press Agency wrote that the Fund for Development announced the issuance of the generous directive to deposit an amount of three billion dollars with the Central Bank of Pakistan…”

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It is dubbed to help the Pakistani government support its foreign currency reserves and support it in facing the repercussions of the Corona pandemic.