Karachi (Staff Report): Pakistan on Monday received the first instalment of the bailout package pledged by the Saudi Arabia during Prime Minister Imran Khan’s visit to the kingdom.
A spokesperson of the State Bank of Bank (SBP) confirmed that the country has received $1 billion out of total $3 billion as the balance of payment support.
The remaining $2 billion is likely to be transferred within a few days, he said. The central bank will show the funds from Saudi Arabia on November 29 in its weekly report on foreign exchange reserves.
The Kingdom had agreed to loan Pakistan $3 billion for one year as a balance of payment support and to provide a one-year deferred payment facility for oil payments, up to $3 billion, Foreign Office said in a press release issued the last month.
It added that the Prime Minister’s visit to Saudi Arabia had resulted in significant understandings between Pakistan and Saudi Arabia.
It said Saudi Arabia will place a deposit of $3 billion for a period of one year as a balance of payment support.
The Kingdom also promised to provide a one-year deferred payment facility for import of oil, up to $3 billion. This arrangement will be in place for three years.