Pakistan receives $1bn from Saudi Arabia, confirms SBP

KARACHI: Pakistan had received $1 billion from Saudi Arabia as part of the $3billion pledged by the kingdom to Islamabad as balance of payment support, says spokesperson from the State Bank of Bank (SBP).

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The spokesperson added that the remaining $2 billion was expected to arrive in Pakistan in the next few days.

The funds from Saudi Arabia will be reflective on November 29 when SBP releases its weekly figures for foreign exchange reserves.

Saudi Arabia to provide Pakistan US$3 billion for one year as balance of payment support and to provide a one-year deferred payment facility for oil payments, up to $3 billion, a statement from Prime Ministers said earlier.

The development comes as Prime Minister Imran Khan visited Riyadh where he launched a charm offensive targeting potential investors as Pakistan seeks to secure funds amid a yawning balance of payment crisis.

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