2023-07-11 07:22:23
Pakistani Finance Minister Ishaq Dar said on Tuesday that Saudi Arabia had deposited two billion dollars in the Pakistan Central Bank account.
The Pakistani minister added: “I thank Saudi Arabia on behalf of the prime minister and army chief,” adding that this money will lead to an improvement in the economy in the future, according to Archyde.com.
The Saudi Press Agency (SPA) had indicated earlier that the Kingdom may raise its investments in the Pakistani economy to regarding $10 billion, in addition to raising the ceiling of its deposits in the Central Bank of Pakistan to $5 billion.
The Saudi Crown Prince, Prince Mohammed bin Salman, directed a study of increasing Saudi investments in Pakistan, and asked the Saudi Fund for Development to increase the ceiling of Saudi deposits in the Central Bank of Pakistan in the framework of supporting the economy of Islamabad, which is facing difficulties, according to (SPA).
Last month, the International Monetary Fund announced that Pakistan might get temporary relief from its massive foreign debt in a $3 billion deal.
The Pakistani economy is suffering from a balance of payments crisis at a time when Islamabad is trying to pay off its huge foreign debt, while months of political chaos prompted investors to move away from the Asian country, according to AFP.
Inflation soared and the rupee fell to a record low once morest the dollar, while the country struggled to pay for imports, leading to a significant decline in industrial production.
“I am pleased to report that the IMF team has reached a staff level agreement with the Pakistani authorities on a nine-month stand-by arrangement for SDR 2.250 million,” said IMF official Nathan Porter last month. Almost billions of dollars.
The IMF’s executive board will have to approve the agreement by mid-July, according to Porter.
This amount represents 111 percent of Pakistan’s quota in the International Monetary Fund.
Since last November, Pakistan’s negotiations with the IMF over the last tranche of a $6.5 billion loan agreed in 2019 have stalled, with the government making last-minute changes to the public budget to try to meet the terms of the agreement.
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