Pakistan receives second installment of $1 billion from Saudi Arabia

Pakistan received on Friday its second installment of $1 billion from Saudi Arabia's bailout package.

A State Bank of Pakistan's official confirmed that the bank had received the amount. With this second installment, Pakistan's foreign exchange reserves now stand at 9.24 billion. According to local media reports, the country will receive the third installment from the kingdom next year in January.

On November 19, the country had received its first installment from Saudi Arabia. On his official visit to the kingdom, Prime Minister Imran had been promised a $6 billion package by Saudi including a one-year deferred payment facility for import of oil.