Pakistan thanks 'brotherly' Saudis for $2 billion ahead of IMF bailout decision
Pakistan received Saudi Arabia's $2 billion deposit a day before the International Monetary Fund is expected to approve a $3 billion bailout on Wednesday that the country desperately needs.
DUBAI — Pakistan Finance Minister Ishaq Dar said on Tuesday that Islamabad receives Saudi Arabia’s $2 billion monetary aid package to Pakistan — just one day before the International Monetary Fund (IMF) is expected to approve a $3 billion bailout that the country desperately needs.
Dar said Saudi Arabia deposited the funds in his country’s central bank. It will help fill Pakistan’s reserves that were barely able to cover a month of controlled imports, as the country faces an economic crisis and risks defaulting on its external debts, reported Reuters.
Pakistan Prime Minister Shehbaz Sharif shared his gratitude for the kingdom.
“I would like to especially thank my brother Saudi Crown Prince & Prime Minister His Royal Highness Mohammed bin Salman for ensuring this financial support to Pakistan. This deposit will strengthen Pakistan’s foreign exchange reserves,” tweeted Sharif, adding that he eagerly awaits the visit of the Saudi crown prince to his country at his earliest convenience.
