State Bank of Pakistan receives $1 billion from Saudi Arabia – Research Snipers

State Bank of Pakistan receives $1 billion from Saudi Arabia

The State Bank of Pakistan on Friday has received the third and last tranche of one billion dollars as a part of the bailout package announced by Saudi Arabia.

An official of the central bank of the country has confirmed that bank had received the third tranche of the bailout package. After receiving one billion dollars, the foreign exchange reserves of the bank stand at 8.86 billion US dollars whereas the country’s foreign exchange reserves have reached 15.25 billion US dollars.

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It is pertinent to mention here that Pakistan has to pay the Kingdom of Saudi Arabia a markup of three percent for three billion dollars annually.

Earlier, Saudi Arabia had announced a relief package for Pakistan to support the balance of payment deficit after the visit of PM Imran Khan to the Kingdom.

In October of 2018, the government of Saudi Arabia had agreed to provide Pakistan three billion US dollars for a year to address the crisis of the balance of payments of the country. Saudi government had also agreed to provide Pakistan a facility of one year deferred payment for the import of oil, worth up to another $3 billion.