ISLAMABAD (Kashmir English): Pakistan has received another $1 billion in funds from Saudi Arabia, which is expected to improve the country’s foreign exchange reserves.
The State Bank of Pakistan confirmed the receipt of $1 billion in funds from the Saudi Ministry of Finance, saying that this amount is the second installment of the $3 billion deposit announced by the Saudi government.
The central bank of Pakistan says that $2 billion has already been received from Saudi Arabia on April 15. Saudi Arabia had assured Pakistan of a total of $3 billion in funds, which has now been completed.
On the other hand, a few days ago, Finance Minister Muhammad Aurangzeb had said that the $5 billion deposit will also be extended by 3 years instead of annual rollover, after which its maturity will go to 2028 instead of annual rollover.
Another important development on the economic front is that Pakistan paid the UAE $2 billion in deposits last week, with $450 million in interest, while the UAE is due to pay another $1 billion on April 23.
