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Islamabad: Pakistan has received $2 billion in deposits from Saudi Arabia, Finance Minister Yitzhak Dar he said on Tuesday, ahead of a key meeting of the International Monetary Fund to endorse a loan for the cash-strapped country.
Last month , Pakistani government The International Monetary Fund (IMF) reached a long-awaited staff-level agreement to inject a $3 billion standby agreement into the ailing economy after months-long negotiations that brought the country to the brink of default.
The Executive Board of the International Monetary Fund is scheduled to meet on July 12 to review the Standby Credit Agreement for Pakistan.
“The State Bank of Pakistan (SBP) (a) has received a deposit of $2 billion from Saudi Arabia. This inflow has increased the foreign exchange reserves held by SBP and thus will be reflected in the foreign exchange reserves for the week ending 14th July 2023.
Prime Minister Shahbaz Sharif also expressed his deep gratitude to “the leadership and brotherly people of Saudi Arabia” for the deposit and thanked Crown Prince Mohammed bin Salman for securing such financial support to Pakistan.
This deposit will boost the foreign exchange reserves of Pakistan. It reflects the growing confidence of the brotherly countries and the international community in the economic transformation of Pakistan. “We remain committed to making all necessary efforts to improve Pakistan’s economy,” the prime minister said.
He also expressed his appreciation to Dar and the army commander, General Assem Mounir, for their “valuable efforts” to improve the economy.
Riyadh had already pledged the money but waited for the IMF deal to be announced before depositing it. Likewise, the UAE promised support that helped Pakistan convince the International Monetary Fund that it had enough support to meet its conditions for improving the balance of payments.
According to data released by SBP on Monday, the cash-strapped country lost more than $4 billion in remittances sent by expatriates to illegal channels in the current fiscal year, far higher than the amount the government has struggled to secure from the International Monetary Fund as a bailout.
The Express Tribune reported that the country’s foreign exchange reserves showed improvement on Friday for the second week in a row when they reached $4.4 billion.
Pakistan’s economy has been in a free-fall mode for the past several years, causing untold stress on the poor masses in the form of uncontrolled inflation, making it almost impossible for a large number of people to make ends meet.
Last month , Pakistani government The International Monetary Fund (IMF) reached a long-awaited staff-level agreement to inject a $3 billion standby agreement into the ailing economy after months-long negotiations that brought the country to the brink of default.
The Executive Board of the International Monetary Fund is scheduled to meet on July 12 to review the Standby Credit Agreement for Pakistan.
“The State Bank of Pakistan (SBP) (a) has received a deposit of $2 billion from Saudi Arabia. This inflow has increased the foreign exchange reserves held by SBP and thus will be reflected in the foreign exchange reserves for the week ending 14th July 2023.
Prime Minister Shahbaz Sharif also expressed his deep gratitude to “the leadership and brotherly people of Saudi Arabia” for the deposit and thanked Crown Prince Mohammed bin Salman for securing such financial support to Pakistan.
This deposit will boost the foreign exchange reserves of Pakistan. It reflects the growing confidence of the brotherly countries and the international community in the economic transformation of Pakistan. “We remain committed to making all necessary efforts to improve Pakistan’s economy,” the prime minister said.
He also expressed his appreciation to Dar and the army commander, General Assem Mounir, for their “valuable efforts” to improve the economy.
Riyadh had already pledged the money but waited for the IMF deal to be announced before depositing it. Likewise, the UAE promised support that helped Pakistan convince the International Monetary Fund that it had enough support to meet its conditions for improving the balance of payments.
According to data released by SBP on Monday, the cash-strapped country lost more than $4 billion in remittances sent by expatriates to illegal channels in the current fiscal year, far higher than the amount the government has struggled to secure from the International Monetary Fund as a bailout.
The Express Tribune reported that the country’s foreign exchange reserves showed improvement on Friday for the second week in a row when they reached $4.4 billion.
Pakistan’s economy has been in a free-fall mode for the past several years, causing untold stress on the poor masses in the form of uncontrolled inflation, making it almost impossible for a large number of people to make ends meet.
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