Pakistan and Saudi Arabia are expected to sign financial aid MoU soon
Saudi Arabia Ambassador to Pakistan Nawaf Bin Said Al-Malki has mentioned that Pakistan will soon receive the promised financial funds in their State Bank of Pakistan account.
As per the Saudi Arabia Ambassador, the cash deposits along with deferred petroleum payment Memorandum of Understanding (MoU) is expected to be signed soon within a few days.
Ambassador Nawaf Bin Said Ml-Malki expressed that Pakistan has always been a very dear friend of the Saudi Kingdom as they have stood up many several times with Pakistan in tough times.
He further mentioned that the relationship bond between both countries is very strong as the Saudi Kingdom considers Pakistan as one of their closest allies.
Saudi Ambassador to Pakistan mentioned that MoU will be signed within the coming days and soon after Pakistan will receive the promised $3 billion funds in the State bank of Pakistan’s account. Cash deposit along with deferred petroleum payment facility will help Pakistan in time of economic crisis as well as control the foreign exchange fund reserves.
Earlier in October, the Prime Minister of Pakistan reached an agreement with Saudi Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud for the financial aid which included security deposits and delayed payment option for petroleum supplies. Prime Minister Imran Khan himself thanked the Saudi Crown Prince for this friendly gesture.
It should be mentioned that after the announcement of financial support from the Saudi government, the rupee started to stabilize and kept appreciating for 10 straight days. After which the rupee came down for the all time high of Rs175 mark to be traded at Rs170 in the intraday trading market. But since the last few days, the rupee value is depreciating against the dollar.