Pakistan receives 3rd installment of $1b from Saudi Arabia

Pakistan receives 3rd installment of 1billion dollars from Saudi Arabia
Karachi: The State Bank of Pakistan received the final installment of a $3 billion support package from Saudi Arabia, a spokesman from the central bank confirmed on Friday.

The latest transfer comes a day after the United Arab Emirates deposited the first installment amounting to $1 billion of a $3 billion financial support package in the State Bank. The payment was made following an agreement with the Abu Dhabi Fund for Development in Abu Dhabi on January 22.

On its twitter account, the State Bank of Pakistan confirmed that it has received the amount.

After the deposits from the UAE and Saudi Arabia, the State Bank’s reserves have climbed to $8.86 billion while the country’s foreign exchange reserves now stand at around $15.25 billion.

Pakistan will be paying 3% interest rate on the payments from Saudi Arabia, and 3.18% on the UAE loans.