Pakistan receives second US $1 billion bailout package from Saudi Arabia
Pakistan
Cash-strapped Pakistan on Friday received US$1 billion from its close ally Saudi Arabia as part of a second bailout package to boost the country's dwindling dollar reserves, according to media reports.
The latest package has shored up the central bank's foreign reserves, hitting the US $9.4 billion mark, said State Bank of Pakistan Spokesman Abid Qamar.
He said another Saudi financial package was expected in January next year, Dawn newspaper reported.
In October, Saudi Arabia agreed to provide Pakistan US $3 billion in foreign currency support for a year to address its balance-of-payments crisis.
During Prime Minister Imran Khan's visit to Saudi Arabia on October 23, it was announced that the oil-rich country will provide a US $6 billion package to Pakistan to support its ailing economy.
The package included US $3 billion balance of payments support and US $3 billion in deferred payments on oil import.
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Pakistan received the first tranche of US $1 billion from Saudi Arabia on November 9.
According to figures shared by Prime Minister Khan in October, the country's total foreign debt has surged to Rs 30,000 billion within the last decade, while circular debt has reached Rs 1,200 billion, the report said.
The ruling Pakistan Tehreek-e-Insaf (PTI) government has also approached China, the UAE and the International Monetary Fund (IMF) to seek packages to support the economy.
The second Saudi instalment will bolster Pakistan's foreign exchange reserves, which fell to US $7.3 billion in the week ended December 7 - the lowest in more than four and a half years.