Imran thanks crown prince after Saudi pledged $4.2bn to support economy

ByStaff Report

ISLAMABAD: Prime Minister Imran Khan Wednesday offered thanks to Crown Prince Mohammed bin Salman after Saudi Arabia pledged to provide $3 billion in assistance to Pakistan to help bolster its shrinking foreign reserves.

Shaukat Tarin, the de facto finance minister, also tweeted that Riyadh — a leading supplier of oil to Pakistan — will additionally supply $1.2 billion worth of oil to Islamabad on credit.“I want to thank […] Prince Mohammad bin Salman for supporting” Pakistan, the prime minister tweeted.

The kingdom has “always been there” for Pakistan in its testing times including “now” — at a time when the world is confronting rising oil and commodity prices.

The Saudi Fund for Development (SFD), a Saudi Arabian government agency that provides development assistance by financing social and infrastructure projects, announced a deposit of $3 billion with the State Bank of Pakistan (SBP) to help shore up its reserves, Tarin said last night.

The latest development came hours after Prime Minister Khan returned from a visit to Saudi Arabia.

Pakistan’s economy is currently under pressure because of an increase in oil prices in the international market. The government has repeatedly increased oil prices at home, drawing criticism from the nation.


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