Minister Isaac Dar, in a recorded video clip, thanked Saudi Arabia on behalf of his government.
The kingdom had already pledged the money to Pakistan but waited for an agreement between Pakistan and the International Monetary Fund before making the deposit.
The fiscal support will boost the central bank’s dwindling foreign exchange reserves, which have fallen to just enough to cover controlled imports for one month.
Islamabad finally got a $3 billion bailout from the International Monetary Fund late last month.
Last April, Pakistani Minister Ishaq Dar said that the UAE had assured the International Monetary Fund that it would provide $1 billion in support to Islamabad.
reduce growth
The International Monetary Fund cut its forecast for Pakistan’s economic growth to 0.5 percent this year, compared to 6 percent last year.
According to IMF data published in April, on the faltering Pakistani economy, during the Fund’s announcement of its “Global Economic Outlook” report in Washington.
The Fund also expected an increase in the inflation rate to 27 percent in Pakistan for the year 2023, warning at the same time of a rise in the unemployment rate.
Islamabad is struggling to avoid defaulting on its debt as it struggles to recover from the devastation caused by last summer’s floods, which killed 1,739 people and caused $30 billion in damage.
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