Begin typing your search above and press return to search.
proflie-avatar
Login
exit_to_app
DEEP READ
Schools breeding hatred
access_time 14 Sep 2023 10:37 AM GMT
Ukraine
access_time 16 Aug 2023 5:46 AM GMT
When ‘Jai Sree Ram’ becomes a death call
access_time 15 Feb 2024 9:54 AM GMT
Strengthening the Indian Republic
access_time 26 Jan 2024 4:43 AM GMT
When the US and UK fight Houthis
access_time 17 Jan 2024 6:08 AM GMT
exit_to_app
Homechevron_rightMiddle Eastchevron_rightSaudi Arabiachevron_rightSaudi Arabia offers...

Saudi Arabia offers $4.2 billion to stony-broke Pakistan

text_fields
bookmark_border
Saudi Arabia offers $4.2 billion to stony-broke Pakistan
cancel

Riyadh: Saudi Arabia has agreed to provide a total of $4.2 billion to Pakistan to support its economy and confront the coronavirus pandemic fallouts, Arab News reported.

"The Saudi Fund for Development (SFD) announced on Tuesday that a royal directive has been issued to deposit an amount of $3 billion in the Central Bank of Pakistan to help the Pakistani government support its foreign currency reserves as well as to help it overcome the repercussions of coronavirus pandemic," Saudi Press Agency reported quoting SFD statement.

SFD said that another directive has been issued to finance the trade of oil derivatives with a total amount of $1.2 billion during the year. "These generous directives confirm the Kingdom's continued position in supporting the economy of Pakistan," the SFD statement added.

The fund added that these directives confirm the Kingdom's continued stance in supporting the Pakistani economy.

The Saudi aid comes after Prime Minister Imran Khan visited Riyadh for a climate change conference headed by Crown Prince Mohammed bin Salman. Saudi Arabia and UAE have extended support multiple times in the past to the nation, which has had to seek an IMF program 13 times since the late 1980s.


Show Full Article
TAGS:pakistanEconomySaudi Arabia Updates
Next Story