Pakistan’s finance minister announced on Tuesday that Saudi Arabia has provided a financial help of $2 billion to the country’s central bank.
This significant contribution comes as a further boost to Pakistan’s struggling economy, following a previous bailout from the International Monetary Fund (IMF).
“I thank Saudi Arabia on behalf of the prime minister and army chief,” Finance Minister of Pakistan Ishaq Dar said in a recorded video statement, as reported by news agency Reuters.
Following Saudi Arabia’s commitment, the country awaited the approval of an aid package from the International Monetary Fund (IMF) before transferring the pledged funds to the State Bank of Pakistan.
This financial assistance aims to bolster Pakistan’s dwindling foreign exchange reserves, which had reached a critically low level, only enough to cover a month’s worth of controlled imports.
Islamabad managed to secure a much-needed $3 billion IMF bailout on the final day of June.
