Finance Minister Ishaq Dar said on Tuesday that the State Bank of Pakistan has received $2 billion from Saudi Arabia, in yet another boost for the ailing economy following the $3 billion Stand-by Agreement with the International Monetary Fund.
“This inflow has increased the forex reserves held by SBP and will accordingly be reflected in the forex reserves for the week ending July 14, 2023,” Dar said.
“On behalf of the prime minister and army chief, I extend our heartfelt thanks to the leadership of the Kingdom of Saudi Arabia for their great gesture and support by placing the said deposit of $2 billion with the State Bank of Pakistan,” the minister added.
Prime Minister Shehbaz Sharif on Tuesday extended his “deep gratitude” to the leadership and brotherly people of the Kingdom of Saudi Arabia for the $2 billion deposit in the State Bank of Pakistan.
“I would like to especially thank my brother Saudi Crown Prince and Prime Minister His Royal Highness Mohammed bin Salman for ensuring this financial support to Pakistan,” he wrote on Twitter.
“We remain committed to making all necessary efforts to improve Pakistan’s economy,” he said.
He also lauded Finance Minister Senator Ishaq Dar and army chief General Syed Asim Munir for the valuable efforts they made in this regard.
Meanwhile, Premier Shehbaz Sharif talking to Ambassador of Kingdom of Saudi Arabia Nawaf bin Saeed Ahmad Al-Malkiy who called on him thanked the Saudi leadership for their generous and unwavering support for Pakistan, which was particularly instrumental in securing the deal with the International Monetary Fund.
The prime minister asked the ambassador to convey his special gratitude to Crown Prince and Prime Minister Mohammed bin Salman for the deposit of $2 billion dollars with the State Bank of Pakistan.
He also apprised Ambassador Nawaf about the formation of Special Investment Facilitation Council to facilitate and fast-track potential investments from the Gulf Cooperation Council member states, including the Kingdom of Saudi Arabia.
He emphasized that mutually rewarding Pakistan-Saudi cooperation in key areas, including IT, energy, infrastructure and labour must be fast-tracked and augmented.
Ambassador Nawaf, while expressing satisfaction on the current trajectory of bilateral relations between the two brotherly countries, noted that Pakistan and Saudi Arabia were bound in a fraternal relationship marked by mutual trust and understanding, close cooperation, and an abiding tradition of supporting each other through thick and thin.
The prime minister reiterated that Pakistan eagerly looked forward to the visit of the crown prince and prime minister to Pakistan at his earliest convenience.
