Saudi Arabia has deposited $2 billion into Pakistan’s central bank, the government said, a much-needed financial boost ahead of a critical meeting of the International Monetary Fund on the new bailout package for the cash-strapped South Asian country.
He assured the nation that Pakistan would soon return to the path of growth. “God willing, now Pakistan’s economy will witness an improvement,” Dar said.
Following the announcement, Prime Minister Shehbaz Sharif tweeted his “deep gratitude to the leadership and brotherly people of the Kingdom of Saudi Arabia” and said the deposit reflects the kingdom’s growing confidence in Pakistan’s economic turnaround.
Pakistan’s economy has faced several heavy blows recently, such as the devastating floods last summer that killed 1,739 people, caused $30 billion in damage and impacted millions of Pakistanis. The country was also hit by an international commodity price spike in the wake of Russia’s war in Ukraine. The bailout deal was originally signed between the IMF and Pakistan’s former Prime Minister Imran Khan in 2019 and was to expire on June 30 when the new, breakthrough agreement was announced.Subscribe to our daily newsletter
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