ISLAMABAD, July 11 (Reuters) – Saudi Arabia has sent $2 billion to Pakistan’s central bank, the South Asian nation’s finance minister said on Tuesday, another boost to its ailing economy following an IMF bailout.
“I thank Saudi Arabia on behalf of the prime minister and the head of the army,” Finance Minister Ishaq Dar said in a videotaped statement.
Saudi Arabia promised the money and then waited for the care package from the International Monetary Fund to go ahead before depositing it in the State Bank of Pakistan.
The financial support will help shore up the central bank’s depleted foreign exchange reserves, which had sunk to cover just a month of controlled imports.
Islamabad secured a last-gasp $3 billion IMF bailout on the last day of June.
Reporting by Asif Shahzad; Written by Sakshi Dayal; Edited by Tom Hogue
Our standards: The Thomson Reuters Trust Principles.
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