Prime Minister Imran Khan praised Saudi Crown Prince Mohammad Bin Salman for assisting Pakistan by depositing $3 billion in the State Bank of Pakistan and deferring payment of $1.2 billion in oil supplies.
Saudi Arabia has backed Pakistan in difficult times, he noted in a tweet today, especially now as the world grapples with rising commodity prices.
The prime minister praised the monarchy after Saudi Arabia agreed to provide $3 billion in deposits to help shore up the country’s foreign exchange reserves.
Pakistan is also working with the IMF to finalize a staff-level agreement, and an announcement in this regard is expected soon. This Saudi Arabian package is expected to go a long way toward completing the sixth Extended Fund Facility review (EFF).
Saudi Arabia pledged to provide all-out support to Pakistan during the recent visit of Prime Minister Imran Khan and senior cabinet ministers, including Adviser on Finance Shaukat Tarin.
Tarin and Energy Minister Hammad Azhar will have a press conference today to give more data to the media.
Fawad Chaudhry, the Minister of Information, announced the agreement reached with Riyadh on Twitter.
He tweeted, “Saudi Arabia announced support to Pakistan with 3 billion dollars as deposit in Pakistan central bank and also financing refined petroleum products with 1. 2 billion dollars during the year.”
