Pakistan likely to receive $1 billion today

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ISLAMABAD – Pakistan likely to receive first tranche of financial package signed between Pakistan and Saudi Arabia today (Monday), Ministry of Finance reported.

According to details, Saudi Arabia will hand over the first installment of $1 billion to Pakistan “as balance of payment support” and Ministry of Finance will deposit the amount in the State Bank of Pakistan. The remaining money will be given in two tranche in next two months.

The Finance Ministry also stated that supply of petroleum products will be started in December.

Earlier, Pakistan is yet to receive US$3 billion pledged by Saudi Arabia during Prime Minister Imran Khan’s visit last month. The delay was due to official procedure.