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Pakistan receives first installment of $3b Saudi aid

SAMAA | - Posted: Nov 19, 2018 | Last Updated: 1 year ago
SAMAA |
Posted: Nov 19, 2018 | Last Updated: 1 year ago
Pakistan receives first installment of $3b Saudi aid

The remaining amount is likely to arrive within 2 months

PM Khan in a meeting with Saudi Arabia’s Crown Prince Muhammad bin Salman on October 23.

Pakistan has received the first installment of $3 billion aid from Saudi Arabia, a spokesperson of State Bank confirmed Monday.

The first installment of $1 billion was deposited to the State Bank of Pakistan. The remaining $2 billion are expected to arrive within the next two months.

Pakistan’s foreign reserves stand at $14.8 billion.

Related: Pakistan to go for IMF bailout despite Saudi aid

On October 23, Saudi Arabia had agreed to give Pakistan $3 billion for one year as a balance of payment support.

The agreement between the two countries was signed during a visit by Prime Minister Imran Khan to Riyadh last week on the invitation of the Custodian of the Two Holy Mosques.

During his official visit to Riyadh, PM Khan held meetings with top Saudi officials, including King Salman bin Abdulaziz and Crown Prince Muhammad bin Salman.

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