ISLAMABAD – Minister Information and Broadcasting Fawad Chaudhry Thursdayannounced that all legal arrangements have been finalised for $3 billiondeposits from Saudi Arabia and the amount would be released during theongoing week.
Making the announcement on Twitter, the information minister said thatSaudi Arabia has also allowed direct flights from Pakistan.
تین اچھی خبریں 1) پٹرولیم ڈیلرز ایسوسیشن ایشن نے ہڑتال ختم کر دی 2) سعودیعرب نے پاکستان سے براہ راست فلائٹس شروع کرنے کا اعلان کر دیا 3) سعودی عربسے تین ارب ڈالر کی ٹرانسفر میں تمام قانونی معاملات طے ہوگئے اور یہ ڈالر اسہفتے پاکستان کو مل جائینگے— Ch Fawad Hussain (@fawadchaudhry) November 25, 2021link
During PM Imran Khan’s visit earlier in October, Riyadh had agreed torevive its financial support to Islamabad, including about $3 billion insafe deposits and $1.2bn worth of oil supplies on deferred payments.
At a time when the country’s foreign exchange reserves were on the decline,this Saudi facility in the shape of $3 billion deposits would help theState Bank of Pakistan (SBP) shore up its dwindling foreign exchangereserves.
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Saudi Arabia will charge around 3.2 to 3.5% markup on annual basis for thisdeposit amount.
According to the central bank, Pakistan’s total liquid foreign reservesstood at $22.773 billion on November 19, 2021. The break-up of the figuresshows that foreign reserves held by the SBP were standing at $16.254billion and net foreign reserves held by commercial banks were standing at$6.519 billion.
