Saudi Arabia has deposited $2 billion in the State Bank of Pakistan’s (SBP) account, announced Finance Minister 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.
PM says deposit reflects Riyadh’s trust in Islamabad Following the announcement, PM Shehbaz took to Twitter and penned “On behalf of the people of Pakistan, I would like to extend my deep gratitude to the leadership and brotherly people of the Kingdom of Saudi Arabia for the US$2 billion deposit with the State Bank of Pakistan.”
He thanked Riyadh saying “I would like to especially thank my brother Saudi Crown Prince & Prime Minister His Royal Highness Mohammed bin Salman for ensuring this financial support to Pakistan. This deposit will strengthen Pakistan’s foreign exchange reserves.”
Premier went on to say It reflects the growing confidence of our brotherly countries and the international community in Pakistan’s economic turnaround.
“We remain committed to making all necessary efforts to improve Pakistan’s economy. I would also like to appreciate and thank Finance Minister Senator Ishaq Dar and COAS General Syed Asim Munir for the valuable efforts they have made in this regard.” added PM Shehbaz.
