Federal Cabinet approves $3bn loan from Saudi Arabia
Last updated on: 27 November,2021 12:17 pm
Federal cabinet approves $3b loan from Saudi Arabia
ISLAMABAD (Dunya News) - Federal Cabinet on Saturday has approved the $3 billion loan from Saudi Arabia.
Sources told that the money expected to arrive in the country next week will be kept in the State Bank of Pakistan (SBP). Federal Information Minister Fawad Chaudhry stated, "All legal formalities in the transfer of the money have been completed."
After receiving the loan, the central bank’s foreign exchange reserves would swell to $20 billion from $17bn.
Saudi Arabia, under this package, will offer an oil deferred payments facility of $1.2bn per annum to Pakistan.
It was announced last month when during a meeting between Prime Minister Imran Khan and Saudi Crown Prince Mohammad Bin Salman. T The premier thanked the crown prince for this generous gesture.