In a significant move to bolster Pakistan’s economic situation, Saudi Arabia has deposited $2 billion in the State Bank of Pakistan’s (SBP) account, announced Finance Wizard Ishaq Dar on Tuesday.
This development comes on the heels of the recently secured $3 billion stand-by arrangement with the International Monetary Fund (IMF), marking yet another sigh of relief for Pakistan’s financial stability.
The announcement was made during a televised address, where Dar expressed gratitude on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff (COAS) Asim Munir to Saudi Arabia for their unwavering support during this challenging economic period.
During his address, the minister also expressed optimism for the future, stating that more positive developments are expected in the coming days.
He emphasised that Pakistan’s economic situation is gradually stabilizing, and this infusion of funds from Saudi Arabia will further improve the country’s financial prospects.
“This inflow has increased the forex reserves held by SBP and will accordingly be reflected in the forex reserves for the week ending 14July2023,” added Dar.
