Saudi Arabia to Inject $3 Billion into Central Bank

Pakistan said Wednesday that Saudi Arabia would deposit $3 billion into its central bank to help boost the underfunded Islamic nation’s foreign exchange reserves.

Shaukat Tarin, a top official at Pakistan’s Ministry of Finance, also said on Twitter that Saudi Arabia would also supply Pakistan with $1.2 billion worth of oil as a loan.

This latest development comes two days after Prime Minister Imran Khan returned from his visit to Saudi Arabia.

Pakistan’s economy is currently under pressure due to rising oil prices in the international market. Khan has repeatedly raised oil prices domestically, drawing criticism from Pakistanis.

Saudi Arabia is a close ally of Pakistan and a major supplier of oil to Islamabad. [ab/uh]

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