During a press conference held in Islamabad, finance minister Ishaq Dar, made an important announcement regarding the State Bank of Pakistan’s recent receipt of funds from Saudi Arabia. He stated that these financial deposits from Saudi Arabia would play a significant role in establishing and strengthening Pakistan’s foreign reserves. This development is crucial for the country’s economic stability and growth.
Dar expressed his deep appreciation for Saudi Arabia’s unwavering commitment to standing by Pakistan, especially during challenging times. He conveyed his gratitude to the Saudi Arabian leadership on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff General Asim Munir, acknowledging their support and assistance.
Highlighting the positive trajectory of Pakistan’s economy, Ishaq Dar emphasized that the country is moving in the right direction. He expressed optimism about more favorable developments that are expected to unfold in the near future, which will further benefit Pakistan’s economic prospects.
It is noteworthy that the International Monetary Fund (IMF) had stipulated that the Pakistani government secure a written guarantee for the deposit from friendly countries. Pakistan recently signed a crucial staff-level agreement with the IMF valued at $3 billion, known as a “Stand-By Arrangement.” The agreement spans a period of nine months and is designed to provide financial assistance to Pakistan.
The final approval of this agreement will be granted by the IMF’s executive board, a decision anticipated to take place in mid-July. Upon approval, Pakistan will be able to access the $3 billion loan, which will provide significant support to the country’s financial stability and economic growth.
