Saudi Arabia to provide Pakistan $3billion as balance of payment support

KARACHI: The US dollar showed downward trend by Rs1.92 against Pakistani rupee in interbank market on Wednesday.

Due to decline in US dollar rate, it is being traded at Rs132, the buying price is Rs131, whereas it is being sold at Rs133.

The turn down in US dollar rate, has eventually lower down the national debt by Rs180 billion, which is a leading way towards economic steadiness.

The Pakistan Stock Exchange has gained tremendously on early Wednesday, as its benchmark KSE-100 index gushed by 1,227 points to reach 38942.53 points.

The index achieved almost 3.26% as the market opened on Wednesday, just after a day Saudi Arabia has decided to grant $12 billion to Pakistan for four years, that is $3 billion each year as balance of payment support on Prime Minister Imran Khan’s visit to Saudi Arabia.

According to the statement, “It was decided that Saudi Arabia will provide a deposit of $3 Billion for a period of one year as balance of payment support.”

Furthermore, “It was also agreed that a one year deferred payment capacity for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.”

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Prime Minister Imran Khan attended the Future Investment Initiative (FII) conference at Saudi Arabia, the PM also met with King Salman bin Abdul Aziz and Saudi Crown Prince Mohammad bin Salman to talk on matters of common attention.

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