Islamabad Saudi Arabia has agreed to give$4.2 billion worth of backing to cash-strapped Pakistan to support its frugality, it surfaced on Wednesday after Prime Minister Imran Khan held addresses with Saudi Prince Mohammad bin Salman in Riyadh this week Information Minister Fawad Chaudhry took to Twitter to advertise the backing which came just two days after Imran Khan paid a three- day visit to the Gulf area.
“Saudi Arabia’s advertisement supports Pakistan with 3 billion US bones as deposit in Pakistan central bank and also financing meliorated petroleum products with1.2 billion US bones during the time,”he said in a tweet Prime Minister Imran Khan thanked Prince Salman for the generous aid when Pakistan’s frugality was facing difficulties I want to thank HRH Prince Mohammad bin Salman for supporting Pak with$ 3 bn as deposit in Pak’s central bank & backing meliorated petroleum product with$1.2 bn. KSA has always been there for Pak in our delicate times incl now when world confronts rising commodity prices (sic),”he said on Twitter.
In 2018, Saudi Arabia had handed$ 3 billion in cash deposits and promised a$ 3 billion canvas installation to Pakistan to help its foreign exchange reserves in 2018 Still, as the bilateral relations deteriorated latterly, Islamabad had to return$ 2 billion of the$ 3 billion deposits Pakistan blazoned in June this time that Saudi Arabia was about to make available$1.5 billion canvas installation per annum.
Now it has handed direct disposition backing along with canvas installations after the visit of Imran Khan A formal advertisement about the agreement would be made by Prime Minister’s counsel on finance and profit Shaukat Tarin and Energy Minister Hammad Azhar, Dawn review reported The Saudi government would incontinently deposit$ 3 billion in Pakistan’s account for a time and keep it rolling at least until the completion of the International Monetary Fund (IMF) programme in October 2023, the report quoted an functionary as saying Pakistan and the IMF had inked the$ 6 billion deal in July 2019 but the programme was derailed in January 2020 and restored compactly in March this time before again going off the track in June From June to August there were no serious discussion between the two sides In addition, the Saudi government would give crude canvas to Islamabad on remitted payments worth up to$1.5 billion per annum, the report said.
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