Trending news: Eid is over… Now will Saudi Arabia fulfill its promise to Pakistan? – Hindustan News Hub

Trending news: Eid is over… Now will Saudi Arabia fulfill its promise to Pakistan? – Hindustan News Hub

Islamabad :Pakistani officials expect Islamabad to sign an agreement for additional deposits of $2 billion from Saudi Arabia (KSA) after Eid. A top government official said that the State Bank of Pakistan will sign an agreement with the Saudi Fund for Development (SFD) to deposit an additional $2 billion soon after Eid, reports Pakistani newspaper The News. According to , he said that Saudi Arabia had confirmed bilateral aid support, which was also acknowledged by the SFD staff. The agreement follows the confirmation of additional financial assistance of $2 billion and $1 billion from the KSA and the UAE. Official sources clarified that Pakistan has neither made any fresh request for more support from KSA nor UAE. $2 billion and $1 billion have been confirmed by these countries respectively.

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Saudi Arabia had helped

Saudi Arabia had already drawn deposits worth over $3 billion for one year, maturing on December 5, 2022. This $3 billion deposit is part of the $4.43 billion foreign exchange reserves lying with the State Bank of Pakistan. This $3 billion deposit and $1.2 billion oil facility was provided by the KSA in November 2021 during the tenure of the PTI-led government.

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Shahbaz went to Saudi on the first tour

According to a report in The News, when the current Prime Minister Shehbaz Sharif visited Saudi Arabia after assuming power last year, the Pakistani authorities handed over $3 billion in deposits for one year and $1.2 billion in oil as well. Requested for additional deposit amount. Shahbaz Sharif went to Saudi Arabia on his first foreign tour after sitting on the chair of the Prime Minister.

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