Daily Times

Imran-Khan-1Prime Minister Imran Khan on Tuesday expressed gratitude to Saudi Arabia’s Crown Prince Mohammad bin Salman bin Abdulaziz for extending financial support to Pakistan.

The prime minister in particular mentioned the $3 billion deposit with the State Bank of Pakistan and the $1.2 billion financing of the refined petroleum products. “I want to thank HRH Prince Mohammad bin Salman for supporting Pakistan with $3 bln as deposit in Pak’s central bank & financing refined petroleum product with $1.2 bln,” he wrote on his twitter handle. Imran Khan said the Kingdom of Saudi Arbia had always helped Pakistan in difficult times. “KSA has always been there for Pak in our difficult times including now when world confronts rising commodity prices,” he said.

The two leaders had met this week in Saudi Arabia on the sidelines of Middle East Green Initiative summit on Climate Change. A day earlier, the Saudi government announced a deposit of US $3 billion with the State Bank of Pakistan besides a US $1.2 billion deferred oil facility to Pakistan to help its balance of payment issues, an official announcement said.

According to the Saudi Press Agency (SPA), the Saudi Fund for Development in a “generous gesture” announced a deposit of US $3 billion with the State Bank of Pakistan on Tuesday to help the government support its foreign currency reserves and counter the impact of the Corona pandemic. The SPA reported that the deposit was in addition to an oil deferred payment facility of US $1.2 billion for petroleum products, during the year. The SPA said that the gesture reflected the Saudi Kingdom’s continued position in supporting the economy of Pakistan. The announcement would help ease pressure on Pakistan’s foreign exchange reserves, due to the recent sharp hike in global commodity prices.