Saudi Arabia provides $2 billion in financial support to Pakistan

Pakistani Finance Minister said today, Tuesday, that Saudi Arabia had deposited two billion dollars in the account of the Central Bank of Pakistan, thus providing a new impetus to the faltering economy, after agreeing on a rescue package with the International Monetary Fund.

According to “Reuters,” Minister Ishaq Dar added, in a recorded video clip, “I thank Saudi Arabia, on behalf of the Prime Minister and the Army Commander.”

The kingdom had already pledged the money to Pakistan but waited for an agreement between Pakistan and the International Monetary Fund before making the deposit.

The fiscal support will boost dwindling foreign exchange reserves at the central bank, which have fallen to just enough to cover controlled imports for one month.

Islamabad finally got a $3 billion bailout from the International Monetary Fund late last month.