Saudi Arabia boosts Pakistan’s reserves
Package from Saudi development fund comes as Pakistan’s balance of payments issues ease
The Saudi Fund for Development has boosted the coffers of the State Bank of Pakistan with a $3 billion deposit, adding to a recent recovery in the central bank’s reserves.
The SFD said in a statement on October 26 it made the deposit to support Pakistan’s foreign currency reserves, “as well as to help it overcome the repercussions of coronavirus pandemic”. The fund added it would provide a further $1.2 billion to finance the trade of oil derivatives.
Pakistan has been struggling with balance
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