Saturday , April 4 2020

Pakistan receives $1 billion from Saudi Arabia

Karachi:  Pakistan received last installment of one billion dollars as the last payment of Saudi Arabia bailout package on Friday.

State Bank of Pakistan’s spokesperson confirmed that bank had received third and last installment of the bailout package given to Pakisatn by Saudi government.

The foreign reserves stand at US$8.86 billion whereas foreign exchange reserves of the country have touched $15.25 billion.

it should be noted that Pakistan still has to pay a 3% markup for the three  million dollars annually, which was decided during the signing of agreement between the two states.

Kingdom of Saudi Arabia (KSA) announced a bailout package to support the flinching economy of Pakistan during the official visit of Prime Minister Imran Khan visited in Saudi Arabia.

The agreement was decided in October, last year when saudi govt agreed to given Pakistan $3 billion for foreign exchange support for one year and to solve immediate payments crisis.

Agreement also included a deferred payment facility for import of oil, worth another three billion dollars.

State bank of Pakistan received first payment on November 9 last year and the second payment was received towards the start of the new year.

the foreign payment will stabilize rupee against dollar, increase foreign reserves, solve payment crisis and redu

The UAE had also recently released an installment of one billion dollars to Pakistan. The country has extended a package to Pakistan similar to the Saudi financial support.

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