Pakistan receives $2bn from Saudi Arabia: SBP

The State Bank of Pakistan (SBP) said on Thursday it had received funds of US$ 2 billion from Ministry of Finance, Kingdom of Saudi Arabia. On March 16, Finance Minister Muhammad Aurangzeb informed that Saudi Arabia had committed $3 billion in additional deposits, with disbursement expected in the coming week. He further stated that the existing $5 billion Saudi deposit would no longer remain subject to the earlier annual rollover arrangement and would instead be extended for three years. The extra funding for Pakistan comes on top of Riyadh extending the rollover arrangement for an additional $5 billion deposit for a longer period, Pakistan Finance Minister Muhammad Aurangzeb told reporters in Washington.