Pakistan foreign exchange reserves get a big booster

Pakistan foreign exchange reserves get a big booster

LAHORE – Pakistan on Saturday received first tranche of US $500 million from Qatar to boost dwindling foreign-exchange reserves, the State Bank of Pakistan (SBP) revealed.

According to SBP sources, Qatar initially approved US $3 billion transaction to improve the forex reserves of Pakistan whereas the forex will reach US $14.80 billion.

The money has been received by the Pakistan in the form of investment as sources said.

On June 24, according to details, the Qatar News Agency has reported the investments by citing its foreign minister.

It follows Saudi Arabia and the United Arab Emirates pledging aid packages for Pakistan. Riyadh has given a $3 billion loan to Pakistan whereas United Arab Emirates provided $1 billion.

The south Asian country and the International Moneary Fund (IMF) had reached an agreement in May on a loan of about $6 billion to overcome economic crisis.

Adviser to the Prime Minister of Pakistan on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh has also thanked the Emir of Qatar for showing support to Pakistan.