Karachi (Commerce Desk) Pakistan’s foreign exchange reserves have increased after the receipt of an additional one billion dollars from Saudi Arabia.
According to the State Bank of Pakistan, the second installment under Saudi Arabia’s three billion dollar deposit program has been transferred to Pakistan, under which one billion dollars has been received.
Earlier, under the same agreement, the first installment of two billion dollars was provided to Pakistan on 15 April.
It is worth noting that Saudi Arabia had committed a total financial support of three billion dollars to stabilize Pakistan’s foreign exchange reserves, and later decided to extend the deposit period.
A formal agreement in this regard was signed between the State Bank of Pakistan and the Saudi Fund for Development in the United States.
According to the Ministry of Finance, Federal Finance Minister Muhammad Aurangzeb participated in the agreement during the World Financial Conference held in Washington, aimed at strengthening Pakistan’s financial position.
