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Saudi aid to support Pakistan's economy


In the face of Pakistan's difficult economic situation, Saudi Arabia has once again announced the stabilization of Pakistan's foreign exchange reserves. Under this, Saudi Arabia will provide oil worth تین 3 billion to Pakistan and مؤ 1.2 billion to ایک 1.5 billion on late payments.

Pakistan's finance adviser Shaukat Tareen and Information Minister Fawad Chaudhry have confirmed the deal on social networking site Twitter. Government ministers will give more details during a news conference on Wednesday.

According to the Saudi Press Agency The Saudi Development Fund said in a statement on Tuesday that ارب 3 billion would be deposited in Pakistan's central bank at the behest of the royal palace to bolster Pakistan's foreign exchange reserves.

According to the press agency, according to the royal orders, Saudi Arabia will always help Pakistan in difficult situations.

The decision by the Saudi government follows Prime Minister Imran Khan's recent visit to Riyadh.

According to Pakistani officials, Saudi Crown Prince Muhammad bin Salman had agreed to provide the money to Pakistan after a meeting with Prime Minister Imran Khan, after which the money has been deposited in Pakistan's national treasury.

According to officials, the money received from Saudi Arabia will be deposited in the account of the government of Pakistan for one year.

Pakistani officials hope the money will help Pakistan persuade the IMF to negotiate its financing plan.

A statement issued by Saudi Arabia also said that Saudi Arabia will always support Pakistan's economy.

Finance adviser Shaukat Tareen said in a tweet on Wednesday morning that the Saudi finance minister had informed him that Saudi Arabia was depositing تین 3 billion in the Pakistani government's account to help keep Pakistan's balance of payments. With ارب 1.2 billion worth of oil will be paid in arrears.

Shaukat Tareen also thanked the Saudi government and the Crown Prince for the initiative.

Pakistan's Prime Minister Imran Khan has also thanked Saudi Arabia for its help in difficult times.

This is not the first time that Saudi Arabia has offered تین 3 billion in cash and 3 3 billion in oil loans to Pakistan in 2018, immediately after the formation of the PTI government. ۔

Later, the conference in Turkey cooled the relations between Pakistan and Saudi Arabia, after which Pakistan had to repay two billion dollars out of three, which was also provided to Pakistan by China.

Pakistan and Saudi Arabia have been in touch for the past several months over the recent facility and in June Shaukat Tareen had asked for oil facility on late payments. But the announcement was later postponed. The announcement was made following Prime Minister Imran Khan's visit to Saudi Arabia.

It should be noted that Pakistan's economy is currently in dire straits and the Pakistani rupee is depreciating against the dollar.

The dollar crossed the psychological level of Rs 175 at the interbank market on Tuesday and closed at Rs 175.10.

Pakistani officials hope that the Saudi aid package will improve Pakistan's economic situation and bring relief to the people along with the appreciation of the rupee.

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