Good news comes in as Shaukat Tarin confirms receipt of $3bn deposit from KSA

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TNV Desk

ISLAMABAD: State Bank of Pakistan (SBP) had received Saudi Arabia’s $3 billion deposit and thanked the kingdom and its crown prince for the “kind gesture”, Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin announced today.

Tarin on his official Twitter handle revealed “Good news, $3bn Saudi deposit received by SBP. I want to thank His Excellency Crown Prince Mohammed Bin Salman and [the] kingdom of Saudi Arabia for the kind gesture.”

The agreement was reached during Prime Minister Imran Khan’s visit to KSA in October. Apart from the support package, Saudi Arabia had also agreed to provide $1.2bn worth of oil supplies on deferred payments.

The deal successfully cleared its last deal last month when its summaries were approved by the prime minister and the cabinet.

On Monday, the SBP inked the pact with the Saudi Fund for Development to receive the amount, which would be placed in the SBP’s account with an aim to improve its foreign exchange reserves.

The issued press release had further stated the fund would help support Pakistan’s foreign currency reserves and contribute towards resolving the adverse effects of the Covid-19 pandemic.

 

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