ISLAMABAD: Finance Minister Ishaq Dar reiterated that the Saudi Arabian injection to Pakistan helped boost the foreign exchange reserves and impacted positively on country’s economy.
Pakistan received a $2 billion Saudi loan for one year as part of a plan to raise funds under a condition set by the International Monetary Fund (IMF) for the new bailout package, providing a breather to beleaguered government.
He said that the State Bank of Pakistan (SBP) had received $2 billion from Saudi Arabia, which raised the kingdom’s financial exposure to Pakistan to $5 billion.
The minister did not officially disclose the terms of the loan but a senior cabinet minister had said two weeks ago that Saudi Arabia had given the loan for one year and the interest rate was higher than the previous facility rate of 4%.
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