Pakistan has received $2 billion in financial support from Saudi Arabia. The announcement was made by Finance Minister Ishaq Dar on Tuesday, July 11, 2023. The money has been deposited into the State Bank of Pakistan’s account.
This financial assistance is part of an $8 billion package that Saudi Arabia has agreed to provide to Pakistan. The remaining $6 billion will be disbursed gradually over the next few years.
The financial support from Saudi Arabia comes at a crucial time for Pakistan’s struggling economy. The country’s foreign exchange reserves have been decreasing, and the IMF bailout package only offers a short-term solution.
With the Saudi funds, Pakistan’s reserves will be strengthened, giving the government some breathing room to implement necessary economic reforms. The financial aid not only bolsters Pakistan’s economy but also signifies the strong bond between the two nations.
Saudi Arabia is Pakistan’s largest trading partner. The two countries have a history of extensive cooperation. Pakistan has recently received $2 billion in financial support, which is a significant development. This injection of funds will help stabilize Pakistan’s economy.
It will also provide the government with the flexibility to undertake crucial economic reforms.
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