SBP receives $3 billion from Saudi Arabia

Karachi: Pakistan on Saturday received $3 billion from Saudi Arabia under a support package signed between the two countries. 

According to details, the State Bank of Pakistan (SBP) received $3 billion from Saudi Arabia, aiming to to improve its foreign exchange reserves.

Adviser to the Prime Minister on Finance Shaukat Tarin in his Twitter post confirmed and said, “Good news, US$3 billion Saudi deposit received by SBP”.

Financial Adviser also thanked Saudi Crown Prince Mohammed Bin Salman and the kingdom for the “kind gesture”.

Good news, US$3 billion Saudi deposit received by SBP. I want to thank His Excellency Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture.

— Shaukat Tarin (@shaukat_tarin) December 4, 2021

It is pertinent to remember that the State Bank of Pakistan on Monday signed an agreement with the Saudi Fund for Development (SFD) to receive $3 billion, which will be placed in the SBP’s account with an aim to improve its foreign exchange reserves.

The agreement was signed by SFD Chief Executive Officer Sultan Bin Abdul Rahman Al-Marshad and SBP Governor Dr Reza Baqir at the State Bank in Karachi, according to a statement issued by the SBP.