BAFL 45.66 Increased By ▲ 0.56 (1.24%)
BIPL 20.08 Decreased By ▼ -0.17 (-0.84%)
BOP 5.34 Decreased By ▼ -0.06 (-1.11%)
CNERGY 4.54 Increased By ▲ 0.01 (0.22%)
DFML 16.01 Increased By ▲ 0.33 (2.1%)
DGKC 78.62 Increased By ▲ 5.74 (7.88%)
FABL 27.80 Increased By ▲ 0.65 (2.39%)
FCCL 18.86 Increased By ▲ 1.21 (6.86%)
FFL 8.96 Decreased By ▼ -0.13 (-1.43%)
GGL 12.85 Increased By ▲ 0.21 (1.66%)
HBL 111.54 Increased By ▲ 0.88 (0.8%)
HUBC 122.23 Increased By ▲ 0.71 (0.58%)
HUMNL 7.69 Increased By ▲ 0.34 (4.63%)
KEL 3.29 Increased By ▲ 0.06 (1.86%)
LOTCHEM 27.80 Increased By ▲ 0.48 (1.76%)
MLCF 42.36 Increased By ▲ 3.03 (7.7%)
OGDC 110.37 Increased By ▲ 2.37 (2.19%)
PAEL 18.97 Increased By ▲ 1.41 (8.03%)
PIBTL 5.46 No Change ▼ 0.00 (0%)
PIOC 114.91 Increased By ▲ 6.91 (6.4%)
PPL 94.72 Increased By ▲ 2.97 (3.24%)
PRL 25.32 Increased By ▲ 0.44 (1.77%)
SILK 1.10 Increased By ▲ 0.02 (1.85%)
SNGP 64.32 Increased By ▲ 1.22 (1.93%)
SSGC 12.26 Increased By ▲ 0.37 (3.11%)
TELE 8.36 Increased By ▲ 0.17 (2.08%)
TPLP 13.35 Increased By ▲ 0.24 (1.83%)
TRG 83.84 Increased By ▲ 2.23 (2.73%)
UNITY 25.89 Increased By ▲ 0.14 (0.54%)
WTL 1.54 Increased By ▲ 0.02 (1.32%)
BR100 6,308 Increased By 126.6 (2.05%)
BR30 21,973 Increased By 434.1 (2.02%)
KSE100 61,691 Increased By 1160 (1.92%)
KSE30 20,555 Increased By 366.1 (1.81%)

The Kingdom of Saudi Arabia (KSA) will deposit $2 billion into the State Bank of Pakistan’s (SBP) account “within the next seven working days”, reported Radio Pakistan on Saturday.

The development was reportedly confirmed by KSA Ambassador to Pakistan Nawaf bin Said Al-Malki during a meeting with Special Assistant to Prime Minister (SAPM) Muhammad Jawad Sohrab Malik in Islamabad.

As per the national broadcaster, the envoy said the Kingdom is committed to building long-term, sustainable investment transactions between Saudi Arabia and Pakistan.

The ambassador reiterated Saudi Crown Prince Mohammed bin Salman’s pledge to increase Saudi Arabia’s investments to $10 billion in Pakistan’s energy and IT sectors within the next few years.

During the meeting, Malik expressed his gratitude for Saudi Arabia’s support to Pakistan.

The Saudi envoy expressed a keen interest on behalf of the Saudi government to recruit more manpower from Pakistan during the current and next year for various sectors of the kingdom. He stated that the Saudi labor market is continuing to expand, mainly due to the launch of several mega projects under the Saudi Vision 2030.

Discussions were also held on further strengthening of bilateral business relations, recruitment of more workforce from Pakistan, and enhancing FDI in potential sectors of the economy.

Earlier this month, Minister of State for Finance Aisha Ghaus Pasha had said that Saudi Arabia has assured the International Monetary Fund (IMF) it will provide a $2-billion loan to Pakistan.

Meanwhile, Pakistan announced financial support Friday from the United Arab Emirates and China totalling $1.3 billion, giving the ailing economy a shot in the arm as it seeks to meet conditions for the resumption of an IMF bailout.

Finance Minister Ishaq Dar said the UAE had promised a billion dollars to prop up Pakistan’s forex reserves — which at their current level of $4.04 billion can barely pay for four weeks of imports.

China on Friday released $300 million to Pakistan — the last tranche of a $1.3 billion rollover loan, Dar said.

Pakistan is required to give assurance to the IMF that its balance of payments deficit is fully financed for the remaining period of the IMF programme that has been stalled since November last year.

“Timely financial assistance from external partners will be critical to support the authorities’ policy efforts and ensure the successful completion of the review [with Pakistan],” Julie Kozack, the IMF’s Director of Strategic Communications, stated last month.

“Ensuring that there is sufficient financing to support the authorities is the paramount priority. A Staff Level Agreement (SLA) will follow once the few remaining points are closed,” she had said at the time.


Comments are closed.

KK Apr 15, 2023 01:52pm
The real question is what are we giving in return because nothing in this world is free.
thumb_up Recommended (0)
Tulukan Mairandi Apr 15, 2023 02:38pm
To merely get the IMF loan (which has been formally rejected), Pakistan begged Saudi to deposit this $2 billion and agreed to 17% interest rate plus pledge of troops for yemen.
thumb_up Recommended (0)
ahp Apr 15, 2023 02:50pm
@Tulukan Mairandi, i think you want Pakistan to default or spread pessimism nothing else
thumb_up Recommended (0)
Zahid Apr 16, 2023 03:10am
@KK, of course Intrest beside some undisclosed intrest of both
thumb_up Recommended (0)
John Apr 16, 2023 01:42pm
How long this perpetual begging will go on? Hold elections and let country move forward via economic stability!
thumb_up Recommended (0)
Abu S Lakhia Apr 18, 2023 12:39am
Nawaz Sharif will deposit $2 billion in Saudi banks “within the next seven working days” Saudis are playing safe with Pakistan, no more free money.
thumb_up Recommended (0)

Saudi Arabia to deposit $2bn in Pakistan’s central bank in 7 working days: report

Pakistan’s trade deficit narrows 34% to $9.38bn in 5MFY24

KSE-100 conquers 61,000 after single-day gain of 1,160 points

COP28: UAE president announces $30bn fund to bridge climate finance gap

Israel resumes Gaza attacks as truce expires, heavy fighting reported

Al Qadir Trust case: NAB files reference against Imran, wife

Inter-bank: rupee records 4th consecutive gain against US dollar

Open-market: rupee continues to strengthen against US dollar

PCB includes Salman Butt in selection panel, decision draws criticism

ECP refutes Babar Awan’s statement about KP’s seats being reduced

COP28: Caretaker PM Kakar arrives at Dubai Expo City