The State Bank of Pakistan (SBP) received on Saturday $3 billion from Saudi Arabia under a support package signed between Pakistan and the Kingdom. 

In a tweet uploaded on Saturday, Shaukat Tarin confirmed that the Kingdom has deposited the loan amount with the country’s central bank.

Shaukat Tarin also thanked Saudi Crown Prince Mohammed Bin Salman and the Kingdom of Saudi Arabia for the kind gesture.

https://twitter.com/shaukat_tarin/status/1467059562104635394

The deposit follows after Saudi Funds approved an agreement of $3 billion with the State Bank.

The SBP had earlier this week signed an agreement with the Saudi Fund for Development (SFD) to receive $3 billion to shore up its depleting foreign exchange reserves.

Country foreign exchange reserves to go up to $25.498 billion while SBP reserves to go up to $19.010 billion

“Under this deposit agreement, SFD shall place a deposit of USD 3 billion with SBP. The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves,” the central bank had said on Monday last.

The Saudi support package also includes a $1.2 billion oil loan facility. It was agreed during Prime Minister Imran Khan’s visit to the Kingdom of Saudi Arabia in October last.