Sunday , April 5 2020

Pakistan will receive another $1b from Saudi Arabia this month

Islamabad: State Bank of Pakistan informed on Wednesday that Pakistan would receive another tranche of $1 billion from Saudi Arabia in the current month.

Additional Finance Secretary Mohammad Sohail while informing the Senate Standing Committee on Finance, told  United Arab Emirates (UAE) had promised to deposit $3 billion in the State Bank of Pakistan (SBP) to balance payments and support foreign reserves.

The secretary further told the committee while answering to one of his question that negotiations with China are underway regrading fiscal assistance. The meeting is led by Farooq H Naek and other officials have also participated.

He expressed his hopes to receive and encouraging package from China. He said that Saudi Arabia has already given $2 billion as a balance of payment and will give another $1 billion this month.

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