Banking & Finance Saudi Arabia deposits $2bn in Pakistan’s central bank By Pramod Kumar July 11, 2023, 7:17 AM Reuters/Faisal Mahmood Pakistan's finance minister Ishaq Dar. The country has received a substantial deposit from Saudi Arabia Saudi Arabia has deposited $2 billion in the State Bank of Pakistan, the South Asian country’s finance minister said on Tuesday. Last month the International Monetary Fund (IMF) reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement. The deal is, however, subject to approval by the IMF board this month. The $3 billion funding, spread over nine months, was higher than expected for Pakistan. Pakistan and IMF reach $3bn stand-by loan deal Saudi Arabia to invest $320m rebuilding Yemen In April Pakistan’s The News media outlet said the country was likely to sign a deal for additional deposits of $2 billion with the Saudi Fund for Development (SFD) after Eid Al-Fitr. Saudi Arabia had previously confirmed bilateral assistance, which the IMF has accepted. In addition, it has already rolled over $3 billion in deposits for one year, which matured on December 5, 2022. The UAE has already confirmed financial support of $1 billion to Pakistan, which was crucial to remove a key hurdle in securing the IMF bailout. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
