Pakistan Bolsters Foreign Reserves with Saudi Support
Pakistan received the final USD 1 billion from Saudi Arabia, completing a USD 3 billion package to aid its foreign reserves. This financial support follows diplomatic efforts by Prime Minister Shehbaz Sharif. Meanwhile, strained relations with the UAE highlight financial pressures amid ongoing West Asian conflicts.
- Country:
- Pakistan
Pakistan has successfully received the final tranche of USD 1 billion from Saudi Arabia, concluding a USD 3 billion financial aid agreement aimed at reinforcing its foreign reserves, the State Bank of Pakistan (SBP) announced on Tuesday.
This follows Saudi Arabia's pledge last week to provide USD 3 billion in deposits, extending an existing USD 5 billion facility by an additional three years. The SBP publicly confirmed the receipt, celebrating the completion of this crucial transaction.
This financial assistance arrives in the wake of Prime Minister Shehbaz Sharif's diplomatic visit to Saudi Arabia aimed at promoting regional peace, and amid rising tensions with the UAE due to ongoing conflicts in West Asia.
(With inputs from agencies.)
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