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Saudi Arabia plans to renew $3bn deposit to Pakistan

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Saudi Arabia plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support

Saudi Arabia is planning to renew its $3 billion (656 billion Pakistani rupee) deposit with the State Bank of Pakistan, Bloomberg reported, citing people familiar with the matter.

The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support, the news agency reported, expecting the announcement within two days.

Minister for Finance and Revenue Miftah Ismail has confirmed that the International Monetary Fund (IMF) Executive Board is expected to meet on August 29 to take up Pakistan’s request to release a tranche of $1.17 billion under the extended fund facility, The News daily newspaper also reported.

“We have received the Letter of Intent copy, and we will send it back to the IMF’s executive board on Monday,” the finance minister said.    

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