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Financial crisis: Saudi Arabia’s financial assistance to Pakistan

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In addition to investing $ 3 billion in Pakistan’s central bank, it will supply $ 1.20 billion in oil products to Pakistan. The aim is to make up for the shortfall in Pakistan’s foreign exchange reserves.

islamabad, First Published Oct 28, 2021, 12:26 AM IST

Islamabad: Saudi Arabia’s financial assistance to Pakistan. The announcement comes after Pakistani Prime Minister Imran Khan met with Saudi Prince Mohammed bin Salman in Riyadh. Information Minister Fawad Chaudhry tweeted that Saudi financial assistance had been granted. In addition to investing $ 3 billion in Pakistan’s central bank, it will supply $ 1.20 billion in oil products to Pakistan. The aim is to make up for the shortfall in Pakistan’s foreign exchange reserves. Prime Minister Imran Khan has thanked Pakistan for its help in the wake of the financial crisis.

Imran Khan tweeted that he was thanking Saudi Prince Mohammed bin Salman for investing $ 3 billion in the Central Bank of Pakistan and providing $ 1.20 billion in petroleum aid at a time of great crisis. In 2018, Saudi Arabia provided $ 6 billion in financial assistance to Pakistan. At that time, Pakistan returned $ 2 billion to Saudi Arabia. In June, Pakistan announced that Saudi Arabia would supply $ 1.5 billion worth of petroleum products to Pakistan. But after Imran Khan’s visit, Saudi Arabia decided to provide direct financial assistance of Rs 300 crore.

In 2019, the IMF and Pakistan signed a $ 6 billion agreement. But the deal did not go through in January 2020. It was said that the agreement would be implemented this year but no serious discussions took place on both sides. In addition to current aid, Saudi Arabia may supply $ 1.5 billion worth of crude oil to Pakistan each year.

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Last Updated Oct 28, 2021, 12:26 AM IST

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