Islamabad, 11/7: Pakistan has received $2 billion in financial support from Saudi Arabia, Finance Minister Ishaq Dar said on Tuesday, a day before the International Monetary Fund’s board is expected to give final approval for a much-needed $3 billion bailout.
“I thank Saudi Arabia on behalf of the prime minister and army chief,” Dar said in a recorded video statement, terming it a “great gesture” from the longtime ally.
Saudi Arabia deposited the funds with the central bank, Dar said, boosting foreign exchange reserves when Pakistan had been left with barely enough to cover a month of controlled imports.
Saudi Arabia pledged the funds in April, but had held off depositing the money with the State Bank of Pakistan until it was sure that the IMF bailout would be forthcoming.
Comments are closed.