Islamabad: Prime Minister Imran Khan expressed gratitude to Crown Prince Mohammed bin Salman on Wednesday after Saudi Arabia pledged $3 billion in aid to Pakistan to help it shore up its dwindling foreign reserves.

Shaukat Tarin, Pakistan’s de facto finance minister, also tweeted that Riyadh, a major oil supplier, will provide Islamabad with an additional $1.2 billion in credit.

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“I want to thank […] Prince Mohammad bin Salman for supporting” Pakistan, the prime minister tweeted.

The kingdom has “always been there” for Pakistan in its testing times including “now” — at a time when the world is confronting rising oil and commodity prices.

According to Tarin, the Saudi Fund for Development (SFD), a Saudi Arabian government body that aids development by financing social and infrastructure initiatives, has made a $3 billion deposit with the State Bank of Pakistan (SBP) to help shore up its reserves. night

Prime Minister Khan returned from a trip to Saudi Arabia just hours before the latest development.

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The package includes $3 billion in deposits with Pakistan’s State Bank as well as $1.2 billion in oil supply on a delayed payment basis. When the currency is under pressure and international oil costs are rising, it will come in handy.

Pakistan’s economy is currently under pressure because of an increase in oil prices in the international market. The government has repeatedly increased oil prices at home, drawing criticism from the nation.

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