Saudi Arabia Injects $2 Billion Into Pakistan Central Bank
Pakistan’s Central Bank received $2 billion in support from Saudi Arabia, Pakistani Finance Minister Ishaq Dar said on 11 July.
The Saudi aid comes just two days ahead of a meeting during which the International Monetary Fund (IMF) is expected to give final approval on a $3 billion bailout package much-needed by the country to alleviate economic pressures.
“I thank Saudi Arabia on behalf of the prime minister and army chief,” the finance minister said, referring to it as a “great gesture” from a longtime friend of Pakistan.
The kingdom dropped the funds in the central bank, boosting Pakistan’s foreign exchange reserves, Dar added.
Saudi Arabia vowed to provide the funds in April this year, but reportedly wished to wait on depositing the money until it was certain that the IMF bailout package would be secured…
“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 …
It reflects the growing confidence of our brotherly countries and the international community in Pakistan’s economic turnaround,” Sharif said.
Saudi Arabia and other Gulf states have also deposited billion in the Central Bank of Turkiye, which faces staggering inflation and a severe economic crisis.
Source:The Cradle
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