Pakistan gets $2 billion from Saudi Arabia amid economic crisis

July 11, 2023

By Mashal Khan

ISLAMABAD - Pakistan on Tuesday confirmed to received $2 billion from Saudi Arabia as the South Asian country facing the worst economic crisis.

“Saudi Arabia has given two billion dollar deposit to Pakistan, after which our foreign reserves will increase to $11 and a half billion dollars,” said Finance Minister Ishaq Dar.

While Prime Minister Shehbaz Sharif thanked the Saudi government for helping his country in the current difficult time.

“On behalf of the people of Pakistan, I would like to extend my deep gratitude to the leadership and brotherly people of the Kingdom of Saudi Arabia for the US$2 billion deposit with the State Bank of Pakistan. 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.” Sharif tweeted.

“This deposit will strengthen Pakistan’s foreign exchange reserves. It reflects the growing confidence of our brotherly countries and the international community in Pakistan’s economic turnaround,” he added.

Last month, IMF also announced that they reached on $3 billion staff-level agreement with Pakistan which will place for final approval before the IMF board on Wednesday.