Riyadh, 27 October 2021 (GNP/ TDI): The Saudi Development Fund pledged to provide $4.2 billion in financial assistance to Pakistan.
According to Saudi Press Agency, the Saudi Development Fund issued a directive on 26th October to deposit $3 billion with the State Bank of Pakistan (SBP). This aims to support the foreign currency of Pakistan and assist in facing the repercussions of the COVID-19 pandemic.
The Fund indicated that these generous directives confirm the Kingdom’s continued position in supporting the economy of Pakistan.
Additionally, the Fund has also issued an official directive to supply $1.2 billion in financing Pakistan’s petroleum products trade during the year.
In a tweet, the Prime Minister of Pakistan, Imran Khan, thanked the Kingdom for supporting Pakistan’s economy. He said Saudi Arabia has always helped Pakistan in difficult times.
The Saudi aid comes after Prime Minister Imran Khan visited Riyadh to attend Middle East Green Initiative Summit this week. Saudi Arabia has extended financial support to Pakistan multiple times. This fund will ease pressure on the dwindling foreign exchange reserves of Pakistan as a result of rising global commodities prices.