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Business

Web Desk
December 14, 2018

Pakistan receives second tranche of Saudi aid

Business

Web Desk
Fri, Dec 14, 2018

ISLAMABAD: Pakistan has received second tranche of $1 billion  Saudi aid, Geo News reported citing sources in the Finance Minister on Friday.

Pakistan's foreign reserves soared to $8.26 billion with transfer of money which Saudi Arabia had pledged to help Pakistan overcome  balance of payment crisis.

The State Bank of Pakistan in November confirmed receiving first installment of the aid package.

Prime Minister Imran who visited the kingdom in October had said that  Riyadh agreed to give $12 billion package to Pakistan.

During his visit, finance ministers of both the countries signed an MoU under which Saudi Arabia would deposit $3 billion in Pakistan's account of which Islamabad has now received $2 billion.

Experts say the Saudi aid would ease pressure on Pakistan's foreign reserve and strengthen Pakistani rupee against US dollar.