Karachi: The State Bank of Pakistan (SBP) on Thursday confirmed it had received USD 2 billion from the Ministry of Finance Saudi Arabia, providing immediate support to the country’s foreign exchange reserves.
Earlier, Finance Minister Muhammad Aurangzeb had announced that Saudi Arabia committed an additional USD 3 billion deposit, expected to be disbursed soon. He also noted that the existing USD 5 billion Saudi deposit would no longer be subject to annual rollover and would instead be extended for a three-year period, offering greater financial stability.
A spokesperson for the Saudi Ministry of Finance confirmed the development, stating that the USD 3 billion deposit is aimed at supporting Pakistan’s balance of payments.
The inflows come at a critical time, as Pakistan faces a USD 3.5 billion repayment obligation to the UAE this month. As of March 27, the country’s foreign exchange reserves stood at approximately USD 16.4 billion, with the UAE repayment accounting for nearly 18% of the total.
Saudi Arabia has consistently supported Pakistan during periods of economic stress. In 2018, Riyadh announced a USD 6 billion assistance package, including a USD 3 billion deposit and USD 3 billion worth of oil supplies on deferred payment.
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