Monday August 8, 2022
اردو
Dialogue Pakistan Dialogue Pakistan
Dialogue Pakistan Dialogue Pakistan
  • Citizen Journalism
  • Pakistan
  • World
  • Sports
  • Entertainment
  • Videos
    • Feature Videos
    • In House Videos
    • Mobile Footage
    • Documentaries
  • More
    • Features
    • Health
    • Sci-Tech
    • Business
    • In Pictures
    • Facebook
News

Friend in need is a friend indeed, Saudi Arabia provides financial support for Pakistan

by Web Desk October 27, 2021

AA

 Friend in need is a friend indeed, Saudi Arabia provides financial support for Pakistan

Pakistan will receive financial help from Saudi Arabia. An agreement was reached between Pakistan and Saudi Arabia when Prime Minister Imran Khan met with Saudi Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud which was will be formally announced Wednesday (today) by Energy Minister Hammad Azhar along with Prime Minister adviser on finance and revenue Shaukat Tarin.

As per the reports. Saudi Arabia will provide petroleum supplies worth $1.2bn to 1.5bn on deferred payments while around $3bn is expected to be deposited in a safe deposit of the State Bank of Pakistan to keep the foreign reserves, trade and forex under control.

An agreement has been reached between both parties to keep rolling the deposit until the IMF program is completed in October 2023. It is expected that Saudi Arabia will send in the deposits immediately as well as provide Pakistan with the supplies of petroleum with the option of deferred payments.

Information Minister Fawad Chauhdry also confirmed the agreement via his Twitter account.

Breaking news
Saudi Arabia announcement support Pakistan with 3 billion US dollar as deposit in Pakistan central bank
and also financing refined petroleum prodcut with 1. 2 billion us dollars during the year https://t.co/z2izW1avIT https://t.co/z2izW1avIT

— Ch Fawad Hussain (@fawadchaudhry) October 26, 2021

This is not the first time Pakistan has received financial support from Saudi Arabia, earlier in 2018, cash deposits of $3bn were provided to Pakistan crib up the dangers to foreign exchange reserves along with the petroleum supplies with deferred payments. But, due to circumstances, Pakistan had to return $2bn to Saudi Arabia.

Also Read: Imran Khan to attend Middle East Green Initiative Summit in Saudi Arabia

Prime Minister Imran Khan has also thanked the Crown Prince for his extended friendship and support to Pakistan during these tough and difficult times.

I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak's central bank & financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices.

— Imran Khan (@ImranKhanPTI) October 27, 2021

According to financial experts, this financial support from Saudi Arabia will be helpful for Pakistan which will help the nation to resist inflation and hike in dollar price.

People on social media have also cheered for support from the Government of Saudia Arabia and hope that Pakistan will be able to fight inflation comprehensively.

Post Views: 114

Share This:

Previous post
Next post




Polls

Do you agree with the Supreme Court's verdict in Punjab CM election case?

View Results

Loading ... Loading ...
Most Recent
World

Gaza death toll rises to 29, including

August 7, 2022
Citizen Journalism

Lahore Police arrested two suspects for ‘raping’

August 7, 2022
News

Cellular services suspended in Karachi due to

August 7, 2022
Sports

Pakistani wrestler Sharif Tahir wins Silver Medal

August 7, 2022
August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Jul    
Related Stories for you

Gaza death toll rises to 29, including six children: Palestinian ministry

August 7, 2022

The death toll from violence in Gaza has risen to 29, including six children, the health ministry in the Palestinian

Lahore Police arrested two suspects for ‘raping’ mentally challenged girl

August 7, 2022

Police claimed on Sunday to have arrested 2 suspects involved in rape of a mentally challenged girl in Sherakot area

Cellular services suspended in Karachi due to Muharram 8 procession

August 7, 2022

Mobile services were suspended in Karachi on Sunday, Muharram 8, as part of measures taken to ensure security of major

Dialogue Pakistan

Citizen Journalism is the collection, dissemination and analysis of news by the people for the people especially by the means of internet. Dialogue Pakistan is the country’s first citizen journalism portal to provide Pakistanis an opportunity to get themselves heard aiming to encourage citizen journalism inculcated with ethical values.

Quick Links

اردو
About Us
Advertise
Careers
Contact

Category

Citizen Journalism
Pakistan
World
Sports
Entertainment
Features

Download our APP

Social Platforms

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • Youtube
Copyright 2022.Dialogue Pakistan. All Rights Reserved.