Pakistan Receives US$3 Billion From Saudi Arabia

By Shakir Husain

HYDERABAD, April 21 (Bernama) -- Pakistan has received US$3 billion from Saudi Arabia to boost its foreign exchange reserves.

The State Bank of Pakistan (SBP) said on Tuesday it received US$1 billion, the second tranche of the recently agreed US$3 billion Saudi deposit, from the Saudi Ministry of Finance on Monday.

The first tranche of US$2 billion was received on April 15.

The Saudi fund will improve Pakistan's balance of payment situation amid its maturing external repayment commitments in the coming weeks, including US$3.5 billion to Abu Dhabi this month.

Pakistan's total liquid foreign reserves stood at US$20.52 billion on April 10, according to the SBP.

-- BERNAMA