Pakistan received $1 billion from friendly country, raising Reserves to $8.26 billions

Pakistan received $1 billion from friendly country, raising Reserves to $8.26 billions
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ISLAMABAD: Pakistan Foreign Exchange Reserves have witnessed an increase of $1 billion on Friday.

Pakistan on Friday received the second tranche of $1 billion from Saudi Arabia after which the foreign exchange reserves stood at $8.26 billion.

Sources in the Ministry of Finance said Pakistan will receive the third installment in mid-January.

Last month, the State Bank of Pakistan (SBP) had confirmed receiving the first $1 billion from Saudi Arabia.

During Prime Minister Imran Khan’s visit to the Kingdom on October 23 it was announced that Saudi Arabia had agreed to provide a $12 billion package to Pakistan to support its ailing economy. The package included $3 billion balance of payments support and $3 billion in deferred payments on oil import.

Economy