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Pakistan Received 3rd Installment of $1b From KSA

Pakistan receives 3rd tranche of $1b from Saudi Arabia

The State Bank of Pakistan received the final installment of a $3 billion bailout package from Saudi Arabia decided bailout package with Prime Minister Imran Khan during his Saudi Arabia visit., a spokesman from the SBP confirmed on Friday. Before that Pakistan has received two installments 1st in November 2018 and 2nd in December 2018.

The recent transfer comes a day after the United Arab Emirates deposited the first installment amounting to $1 billion of a $3 billion financial support package in the State Bank of Pakistan. The payment was made following an agreement with the Abu Dhabi Fund for Development in Abu Dhabi on January 22.

Earlier during the visit of Prime Minister Imran Khan in Saudi Arabia, he said that the country has received an excellent package from Saudi Arabia and now it will not be burdened even after getting a loan from the International Monetary Fund.

The premier said that they are holding talks with other friendly countries for such packages. “Pakistan is playing the role of a mediator to end the Saudi-Yemen conflict. The Muslim Ummah is in trouble due to the Yemen war. We are uniting the Muslim countries,” he announced.

On SBP officials twitter’s account, the central bank confirmed that it has received the amount. After the deposits from the UAE and Saudi Arabia, the State Bank’s reserves have climbed to $8.86 billion while the country’s foreign exchange reserves now stand at around $15.25 billion. Pakistan will be paying 3% interest rate on the payments from Saudi Arabia, and 3.18% on the UAE loans.

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