PM thanks Saudi crown prince for $3 bln deposit with Pakistan bank, $1.2 bln petroleum finance

According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of US 3 bln dollars with the State Bank of Pakistan to help the government support its foreign currency reserves and counter the impact of the Corona pandemic. The SPA reported that the deposit was in addition, to an oil deferred payment facility of US 1.2 billion dollars for petroleum products, during the year.

The SPA said that the gesture reflected the Saudi Kingdom’s continued position in supporting the economy of Pakistan.

The announcement would help ease pressure on Pakistan’s foreign exchange reserves, due to the recent sharp hike in global commodity prices.

In a late-night development Information Minister Ch. Fawad Hussain shared the major development on his Twitter handle, a day after the return of Prime Minister Imran Khan from a three-day visit to the Kingdom to attend the Middle East Green Initiative of the Saudi Crown Prince.

Finance Minister Shaukat Tarin in a tweet early Wednesday said “Yesterday evening the Finance Minister of Saudi Arabia informed me of the generous gesture of the Kingdom of Saudi Arabia to place US$3bn with SBP & a $1.2bn deferred oil facility to help the balance of payment of Pakistan.”

“We thank the Crown Prince & the KSA for this kind gesture.”

“This will help ease pressures on our trade & forex accounts as a result of global commodities price surge,” he said in a message on Twitter.