Saudi financial assistance: PM Imran Khan thanks Crown Prince Mohammad Bin Salman

ISLAMABAD: Prime Minister Imran Khan thanked Saudi Crown Prince Mohammad Bin Salman for supporting Pakistan with $3 billion as a deposit in the State Bank of Pakistan and $1.2 billion worth of oil supplies on deferred payments.

In a tweet today, he said Saudi Arabia has supported Pakistan in difficult times, including now when the world confronts rising commodity prices.

The prime minister thanked Saudi Arabia after the kingdom agreed to provide $3 billion deposits in order to shore up the country’s foreign exchange reserves.

Pakistan is also making efforts to finalise a staff-level agreement with the IMF and the announcement in this regard is expected very soon. This package from Saudi Arabia is expected to go a long way to accomplish the  sixth review under the Extended Fund Facility (EFF).

During the recently held visit of Prime Minister Imran Khan along with other cabinet ministers, including Adviser on Finance Shaukat Tarin, Saudi Arabia agreed to extend all-out support to Pakistan.

Tarin and Minister for Energy Hammad Azhar will address a press conference today to brief the media about more details.

Minister for Information Fawad Chaudhry made the announcement on Twitter about the agreement reached with Riyadh.

“Saudi Arabia announced support to Pakistan with 3 billion dollars as deposit in Pakistan central bank and also financing refined petroleum products with 1. 2 billion dollars during the year,” he tweeted.

Minister for Energy Hammad Azhar said that the facility will help ease pressures on trade and forex accounts as a result of global commodities price surge.