Saudi Arabia has said it’s depositing USD 3 billion in Pakistan’s central bank to help the cash-strapped country with the foreign reserves The advertisement was made by Saudi Fund for Development on Tuesday, Geo News reported The Saudi Fund for Development said it’s depositing$ 3 billion in the State Bank of Pakistan (SBP). It added that an sanctioned directive was issued to supply$1.2 billion to finance Pakistan’s canvas products trade during the time This comes as a respite for Pakistan, which is battling a deep profitable extremity The news was verified by information minister and energy minister Hammad Azhar This will help ease pressures on our trade and forex accounts as a result of global goods price swell,”Azhar said as he participated the news Pakistan high minister Imran Khan had on Monday met Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on the sidelines of the Middle East Green Initiative (MGI) peak in Riyadh, which he was invited to attend at the crown Napoleon’s assignation.
Back in May, the civil minister for information Fawad Chaudhry had said Saudi Arabia had agreed, in principle, to revive the installation of canvas force to Pakistan on remitted payments Finance minister Shaukat Tarin had repeated before this month that Saudi Arabia had agreed to give canvas on remitted payment to Pakistan Before, Saudi Arabia had handed a USD 6 billion fiscal package, including$ 3 billion deposits into the State Bank of Pakistan and the remaining$ 3 billion for canvas installation on remitted payment on an periodic base Last time, the decade-long fellowship between both countries took a sharp turn when Foreign Minister Shah Mehmood Qureshi’s issued a blunt warning to Saudi Arabia after the ultimate refused to act against India over the Kashmir issue.
On the first anniversary of the cancellation of Composition 370 by India, Qureshi took Saudi Arabia to task in a Television interview for not obliging Pakistan over the issue of’organising’a meeting of the Council of Organization of Islamic Cooperation (OIC) Foreign Ministers (CFM) on Kashmir in early February 2020 Qureshi’s reflections revived Riyadh’s wrathfulness, who had forced Pakistan to pay back USD 1 billion precociously Riyadh has helped Islamabad numerous times including helping in paying for Pakistan’s first batch of F-16 fighter aircraft in the 1980s and furnishing USD 6 billion loans that helped Pakistan drift over its balance of payments extremity just two times agone Saudi Arabia had come to Pakistan’s deliverance in 2018 when it had agreed to give USD3.2 billion worth of canvas on remitted payments per annum as part of its USD6.2 billion packages to help Pakistan drift over its balance of payment extremity.
Friday, November 15
