Saudi Sends $3 Billion Package To Pakistan Amid Economic Crisis

Mumbai: Saudi Fund for Development on Tuesday said that it is depositing $3 billion in Pakistan’s central bank to help the country amid economic crisis, Geo News reported.

The announcement was made by Saudi Fund for Development on Tuesday, Geo News reported.

The Saudi Fund for Development said it was depositing $3 billion in the State Bank of Pakistan (SBP). It said an official directive was issued for the supply of $1.2 billion to finance Pakistan’s oil products trade during the year.

This is a matter of relief for Pakistan, which is facing a deep economic crisis.

Information Minister and Energy Minister Hammad Azhar confirmed the news.

Sharing the news, Azhar said, “This will help ease the pressure on our trading and forex accounts as a result of the rise in global commodity prices.”

Pakistan’s Prime Minister Imran Khan met Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on the sidelines of the Middle East Green Initiative (MGI) summit in Riyadh on Monday, at the invitation of the Crown Prince to attend.

Back in May, Federal Information Minister Fawad Chaudhry said that Saudi Arabia had agreed in principle to revive the oil supply facility to Pakistan on deferred payments.

Finance Minister Shaukat Tarin reiterated earlier this month that Saudi Arabia has agreed to provide oil to Pakistan on deferred payments.

Earlier, Saudi Arabia provided a financial package of USD 6 billion, which included $3 billion in deposits with the State Bank of Pakistan and the remaining $3 billion for an oil facility on deferred payments on an annual basis.

Last year, the decade-long friendship between both countries took a sharp turn when Foreign Minister Shah Mehmood Qureshi’s issued a blunt warning to Saudi Arabia after the latter refused to act against India over the Kashmir issue.

Follow us on Twitter, Instagram, and like us on Facebook for the latest updates and interesting stories.