Pakistan receives third tranche of Saudi bailout

KARACHI: Pakistan received the last tranche of one billion dollar of Saudi bailout package for the country, ARY News reported on Friday.

An official of State Bank of Pakistan has confirmed that the bank had received the third tranche of Saudi package and with it the foreign exchange reserves at the bank now stand at US$8.86 billion.

Pakistan has to pay annual three percent mark up for three billion dollars from Saudi Arabia.

The Kingdom had announced the relief package to support Pakistan’s balance of payment deficit after the visit of Prime Minister Imran Khan.

After the final tranche of the Saudi package the overall foreign exchange reserves of the country have reached to US 15.25 bln dollars.

The Saudi government had in October agreed to provide Pakistan $ three bln for foreign exchange support for a year to address the country’s balance of payments crisis. The Kingdom had also agreed to provide Islamabad a one year deferred payment facility for import of oil, worth up to another three billion dollars.

Pakistan had received the first installment of one billion dollars from Saudi government on November 9, which provided relief to the balance of payments woes of the country.

Fresh Saudi tranche will provide relief from pressure at foreign exchange reserves and stabilize the value of the rupee against US dollar.

The UAE had also recently released an installment of one billion dollars to Pakistan. The country has extended a package to Pakistan similar to the Saudi financial support.

The post Pakistan receives third tranche of Saudi bailout appeared first on ARYNEWS.

from ARYNEWS http://bit.ly/2HEhrp8
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