Pakistan receives $1 billion from Saudi Arabia: SBP

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

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. 

A statement from the Prime Minister’s Office last month said Saudi Arabia had agreed to deposit $3 billion for a period of one year as balance of payment support. A one-year deferred payment facility for import of oil, up to $3 billion would also be provided with this arrangement being in place for three years.

The development came after Prime Minister Imran Khan visited Riyadh where he attended the Future Investment Initiative conference and met with King Salman bin Abdul Aziz and Saudi Crown Prince Mohammad bin Salman.