$4.2 billion Saudi support to Pakistan to boost economy

RIYADH – Saudi Arabia has agreed to provide a total of $4.2 billion to Pakistan to support its economy and confront the coronavirus pandemic fallouts.

The Saudi Fund for Development (SFD) announced on Tuesday that a royal directive has been issued to deposit an amount of $3 billion in the Central Bank of Pakistan to help the Pakistani government support its foreign currency reserves as well as to help it overcome the repercussions of coronavirus pandemic, Saudi Press Agency reported quoting SFD statement.

SFD said that another directive has been issued to finance the trade of oil derivatives with a total amount of $1.2 billion during the year. “These generous directives confirm the Kingdom’s continued position in supporting the economy of Pakistan,” the SFD statement added.

It is noteworthy that SFD is a Saudi government agency that provides development assistance to developing countries by financing social and infrastructure projects with the aim of improving lives and communities, which leads to supporting the economies of recipient countries by enhancing growth and job opportunities.