PM Imran thanks Saudi assistance; dollar retreats

PM Imran thanks Saudi assistance; dollar retreats

KARACHI: Prime Minister Imran Khan on Wednesday thanked Saudi Crown Prince Mohammad Bin Salman for supporting Pakistan with $3 billion as deposit in Pakistan’s central bank and financing refined petroleum product with $1.2 billion.

The prime minister said in a tweet. “KSA has always been there for Pak in our difficult times including now when world confronts rising commodity prices.”

On the other hand the dollar retreated in early trade in interbank foreign exchange market.

The dollar declined by 92 paisas in early trade. The dollar was being traded at Rs174.35 from previous day’s closing of Rs175.27 in interbank foreign exchange market.

Saudi Arabia has announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves.

The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.

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