Saudi Fund for Development will provide $3 Billion to SBP

Hamariweb  |  Oct 27, 2021

There is good news for Pakistan as the Saudi Fund for Development will make a huge deposit of $3 billion in the State Bank of Pakistan. In addition to it, they are also financing the refined petroleum product during the year with the $1.2 billion.

The Federal Minister for Information Fawad Chaudhry broke the news and said that Saudi Arabia announced to support Pakistan with $3 billion US Dollar as deposit in the the State Bank of Pakistan and also financing refined petroleum product with over $1 billion. Below is his tweet:

The Energy Minister Hammad Azhar also tweeted about the matter and said that the decision will release the pressure on the forex accounts and trade of Pakistan that is developed due to the raise in the prices of global commodities.

In May 2021, Fawad Chaudhry had revealed that Saudi Arabia became agree to revive the oil supply’s facility on deferred payments to Pakistan. Shaukat Tarin, the Finance Minister had repeated that the country is agreed to offer oil on deferred payment to Pakistan.

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