Skip to content Skip to Search
Skip navigation

Saudi Arabia deposits $2bn in Pakistan’s central bank  

By Pramod Kumar
Reuters/Faisal Mahmood
Pakistan's finance minister Ishaq Dar. The country has received a substantial deposit from Saudi Arabia

Saudi Arabia has deposited $2 billion in the State Bank of Pakistan, the South Asian country’s finance minister said on Tuesday.

Last month the International Monetary Fund (IMF) reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement. The deal is, however, subject to approval by the IMF board this month.

The $3 billion funding, spread over nine months, was higher than expected for Pakistan.

In April Pakistan’s The News media outlet said the country was likely to sign a deal for additional deposits of $2 billion with the Saudi Fund for Development (SFD) after Eid Al-Fitr.

Saudi Arabia had previously confirmed bilateral assistance, which the IMF has accepted. In addition, it has already rolled over $3 billion in deposits for one year, which matured on December 5, 2022.  

The UAE has already confirmed financial support of $1 billion to Pakistan, which was crucial to remove a key hurdle in securing the IMF bailout.

Latest articles

People, Person, Adult

Dubai unveils master plan for pedestrian-friendly city

Dubai has ambitions to transform into a pedestrian-friendly city, including a 6,500 km network of walkways across 160 areas of the emirate. The Dubai Walk master plan, unveiled by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will feature uninterrupted pathways and expanded green spaces. The plan includes constructing 3,300 km of new walkways and […]

Property app Stake says it is close to acquiring a fully-rented mall and a 140-apartment tower in Riyadh

Property app Stake to launch in Saudi Arabia

A fractional-ownership platform that enables investors to own parcels of real estate for as little as SAR500 ($134) is to launch in Saudi Arabia on December 9.  Based in Dubai, Stake offers investors the opportunity to buy parts of residential and commercial properties.  Fractional property ownership is a rising trend in the global real estate market. […]

Saudi date drink cola Milaf

‘World first’ date soft drink launched by PIF subsidiary

A soft drink made from dates has been launched by Al Madinah Heritage Company, a subsidiary of Saudi Arabia’s Public Investment Fund. Milaf Cola, which is claimed to be the world’s first commercial soft drink made from dates, uses only premium fruit and contains no added sugar.  Dates have historically been used in Middle Eastern beverages […]

Uber and WeRide launch autonomous mobility service in Abu Dhabi

Uber launches driverless operations in Abu Dhabi

Ride-hailing giant Uber Technologies and Chinese autonomous vehicle tech company WeRide have launched a commercial driverless taxi service in Abu Dhabi. The service, available on the Uber platform, will be available for trips on Saadiyat Island, Yas Island and routes to and from Zayed International Airport, with plans to expand the operating territory in the […]