Saudi Arabia pledges $4.2 bn to support Pakistan’s economy
Published 27 Oct,2021 via Bloomberg Markets - Saudi Arabia pledged to provide $4.2 billion in assistance to Pakistan, providing relief to the South Asian nation at a time when its foreign-exchange reserves are dwindling fast.
The Saudi Fund for Development announced a deposit of $3 billion with State Bank of Pakistan to help shore up its reserves, Shaukat Tarin, the South Asian nation’s finance adviser, said via a Twitter post. It will also finance oil derivatives trade worth $1.2 billion during the year, state-owned Saudi Press Agency reported.
Pakistan, which only recently averted a balance-of-payments crisis, is separately seeking to reach a deal with the International Monetary Fund for reviving a $6 billion bailout program, which is crucial to boost its forex pile.
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Faseeh Mangi - Bloomberg