According to $3 billion package from Saudi Arabia, State Bank of Pakistan has confirmed that Pakistan received one billion dollars from Saudi Arabia. It is clear that during the visit of Prime Minister Imran Khan last month in Saudi Arabia, the $3bn package promised by the Saudi Arabia.
In this context the State Bank of Pakistan (SBP) spokesman confirmed that one billion dollars have come to Pakistan, taking the SBP reserves to $8.482bn, from $7.482bn reported on 9th November. It is believed that the new government is struggling to eliminate problems. Because the current account deficit record reached $ 18 billion in the financial year 2018.
After which it was estimated that the country would need additional $ 12 billion to meet the deficit in the financial year 2019. Seeing these economic issues Prime Minister Imran Khan visited Saudi Arabia last month, whereas the cash payment was promised to hold $3 billion in the State Bank account, including giving $3 billion for oil industries. However, these dollars will not be used by Pakistan, but they will help in foreign exchange reserves.
It is also clear here that Pakistan is also in touch with the International Monetary Fund (IMF) to reduce the rising current account deficit because in the first four months of the financial year 2019, the deficit was between 4% and 4.84 percent.