Economic News

Saudi Arabia to provide $4.2-Billion support package to Pakistan

Saudi Arabia to provide $4.2- Billion support package to Pakistan

Wednesday was a great day for Pakistan as the nation’s currency got a boost of 2.48 Pakistani rupees against the US dollars in intraday trading. The support was done by their long-time friend Saudi Arabia that announced a package of $4.2B, as per the industry sources. Saudi Arabia’s money will support Pakistan to raise the foreign reserves that are reducing. A close of 175.60 was seen to the Pakistani Rupee in the last session.

The rupee has depreciated 13.6 percent since May. The rise of the Pakistani rupee is the funding announcement of Saudi Arabia and seen as the much-anticipated thing for the Pakistani cabinet, said Saad Hashemi, the executive director of BMA capital. $3 B will be given to Pak as support for the foreign reserves and to increase the oil trades that would require a sum of $1.2 B in the year. The news of the oil trade was given by Pakistan’s information minister Fawad Chaudhary.

There were talks regarding the Pakistan international money fund situation for the last two weeks as $1B funding was planned. The prime minister of Pakistan, Mr Imran Khan is happy with the way Saudi Arabia helped them. Saudi Arabia kingdom has been there for us in the tough times when the world is struggling with the rise in commodity prices, Imran tweeted. As per records, Saudi Arabia gave $3B in foreign currency support in the year 2018 to help the oil import payments that shows their past friendship records. Let’s see how stable the economic condition of Pakistan goes as the country is struggling a lot during and after the covid pandemic. Hopefully, the currency of the nation gets boosts and traders will get a chance to spend their money on the Pakistani rupee too. For more economic news like this, keep seeing our site.