The State Bank of Pakistan (SBP) confirmed on Monday (Nov 19), that Saudi Arabia has released $1 billion under the $6-billion financial package, for Pakistan to overcome Pakistan’s balance-of-Payment crisis. SBP spokesman Abid Qamar confirned the news adding that the remaining $2 billion was expected to arrive in Pakistan in the next few days.
Earlier Saudi Ambassador to Pakistan Nawaf Saeed Al-Malki on Nov 14. said in an interview that Saudi Arabia will release first installment of aid amounting to $3 billion in next few days, adding that this financial aid will help to Pakistan to overcome balance-of-payments crisis. Moreover, he said that Saudi companies are interested investing in Pakistan. Replying to a question, he said “We are also seeking to set up a petrochemical industry near Karachi.” “The Saudi companies are keen to invest a huge amount of around $6-8 billion for establishing an oil refinery in Pakistan,” he added. On the behalf of Custodian of the Two Holy Mosques King Salman bin Abdul Aziz and Crown Prince Muhammad bin Salman he said that, Saudi Authorities have “great significance to the Kingdom’s ties with Pakistan in the interest of the two people and Ummah”.
Last month during the prime minister Imran Khan’s official visit to Saudi Arabia, agreement was signed between Pakistan and Kingdom for $6 billion bailout package for Pakistan to overcome financial crisis.
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23 August, 2019