Saudi Arabia has given Pakistan an additional $1 billion in funding. The State Bank stated that this amount is the second installment of the $3 billion deposit that the Saudi government announced and confirmed that the funds were received from the Saudi Ministry of Finance.
The state bank of Pakistan added that Saudi Arabia has previously sent $2 billion on April 15. Pakistan was promised a total of $3 billion in financial assistance by Saudi Arabia. It was stated by the authorities, that this financial support will help improve economic performance and strengthen the country’s foreign exchange reserves.
Meanwhile, Finance Minister of Pakistan Muhammad Aurangzeb announced a few days ago that a $5 billion deposit will also be extended for three years rather than being rolled over annually, delaying its maturity until 2028.
Pakistan paid back $2 billion in deposits to the United Arab Emirates last week, along with $450 million in interest; a further $1 billion payment to the UAE is scheduled for April 23.
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