Pakistan has received $2 billion in foreign financing from Saudi Arabia, according to Finance Minister Ishaq Dar.
Pakistan receives $2 billion from Saudi: Ishaq Dar declared during a press conference in Islamabad today that the State Bank of Pakistan has received money from Saudi Arabia.
He continued by stating that Saudi deposits would aid in establishing Pakistan’s foreign reserves.
Dar praised Saudi Arabia for its dedication to supporting Pakistan in all trying circumstances. On behalf of Shehbaz Sharif, the prime minister, and General Asim Munir, the chief of the army staff, he also expressed gratitude to the Saudi leadership.
The finance minister stated that Pakistan’s economy is on the right track and that they anticipate more “good developments” in the country’s near future.
The Pakistani government should emphasize that the IMF had required them to obtain a formal guarantee for the deposit from the friendly nations.
Additionally, Pakistan and the International Monetary Fund (IMF) reached a crucial $3 billion staff-level agreement on June 30. The International Monetary Fund (IMF) announced that they had successfully negotiated a “Stand-By Arrangement” worth $3 billion for 9 months with Pakistan.
The IMF executive board is expected to approve this deal finally, and the approval is anticipated to occur in mid-July. Following this permission, Pakistan would be able to borrow $3 billion.