Second $1bn deposit received from Saudi Arabia: State Bank

Published December 14, 2018
Prime Minister Imran Khan meets Saudi Crown Prince Mohammad Bin Salman. ─ APP/File
Prime Minister Imran Khan meets Saudi Crown Prince Mohammad Bin Salman. ─ APP/File

A State Bank of Pakistan (SBP) official on Friday confirmed that a second $1 billion bailout package from Saudi Arabia had been received by Pakistan.

SBP Spokesman Abid Qamar, confirming the development, said that the latest package had shored up the central bank's foreign reserves.

The SBP spokesman added that another Saudi financial package was expected to arrive in January 2019.

Riyadh had in October agreed to provide Pakistan $3bn in foreign currency support for a year to address its balance-of-payments crisis. Additionally, the Kingdom had also agreed to provide Islamabad a one-year deferred payment facility for import of oil, worth up to another $3bn.

The country had seen some relief after the first tranche of $1bn from Saudi Arabia was received on Nov 9 but the amount had recently run out.

According to figures shared by Prime Minister Imran Khan in October, the country's total foreign debt had surged to Rs30,000bn within the last decade, while circular debt had reached Rs1,200bn.

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

More leaks
Updated 29 Sep, 2022

More leaks

Recent leaks look more like an inside job than the work of a foreign power.
A depressing winter
29 Sep, 2022

A depressing winter

WINTER is on its way, with a massive gas crunch looming as elevated global LNG prices have eroded the cash-strapped...
Great expectations
29 Sep, 2022

Great expectations

CONSIDERING that the Afghan Taliban have been in the saddle for over a year now, the UN has expressed frustration...
The whole truth
28 Sep, 2022

The whole truth

THE war on truth has never been more relentless than it is today. Authoritarianism is on the rise and purveyors of...
Real-world trolls
Updated 28 Sep, 2022

Real-world trolls

It's reprehensible how PTI supporters now seem convinced that politicians from opposing camps aren't entitled to basic dignity.
Islamabad wildlife
28 Sep, 2022

Islamabad wildlife

PRESERVING biodiversity is low on the list of priorities of both state and society. However, successful attempts at...