Pakistan’s central bank has received $2 billion from Saudi Arabia, which will greatly increase the country’s foreign exchange reserves. The money was deposited into the account of the State Bank of Pakistan (SBP). The SBP’s forex reserves have increased by $393 million to $4.463 billion, mainly due to official government inflows. Overall, the reserves held by the SBP have surged by $937 million in the last two weeks. However, the level is still only enough to cover imports for about a month. The $2 billion deposit from Saudi Arabia will be reflected in the SBP’s reserves by the week ending on July 14. Pakistan’s finance minister, Ishaq Dar, expressed gratitude to the Saudi government for their support. The economy is expected to stabilize and move towards growth. This news comes shortly after Pakistani authorities reached an agreement with the International Monetary Fund (IMF) for a $3 billion Stand-By Arrangement. The agreement is subject to approval by the IMF Executive Board. The new IMF arrangement is seen as positive for Pakistan’s government and economy, providing financial stability and reducing the risk of default.

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