Pakistan’s finance minister said today that Saudi Arabia has deposited $2 billion into the account of Pakistan’s central bank, providing a fresh boost to the struggling economy after an agreement on a rescue package with the International Monetary Fund.
According to Reuters, “I thank السعودية on behalf of the Prime Minister and Army Commander, the deposit will lead to future improvement in the economy,” Riyadh had already pledged funds to Pakistan but waited for an agreement between Pakistan and the IMF before depositing.
Fiscal support will boost the central bank’s dwindling foreign exchange reserves, which fell to barely enough to cover controlled imports for one month, and Islamabad finally secured a $3 billion bailout from the International Monetary Fund late last month.
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