Saudi Arabia fulfils promise made to Pakistan

Saudi Arabia fulfils promise made to Pakistan

*ISLAMABAD - Saudi Arabia has fulfilled much needed promise made with Pakistan to recover Islamabad from the financial crisis.*

*Pakistan received on Friday the second installment of the promised $3 billion aid from Saudi Arabia .*

The finance ministry said that $1 billion has been received and the last installment is expected to arrive next month.

This will provide much-needed support to the county’s depleting foreign exchange reserves.

Currently, the foreign reserves held by the State Bank of Pakistan stand at $7.2 billion. After the inclusion of the second installment of aid, the reserves will increase to $8.2 billion. However, it will still remain below the minimum threshold of reserves equivalent to three months of imports.

On October 23, Saudi Arabia had agreed to give Pakistan $3 billion for one year as a balance of payment support.

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