Saudi to help Pakistan with USD 4.2 billion assistance

Saudi Crown Prince Mohammed bin Salman. Pic/AFP

Saudi Arabia has agreed to provide USD 4.2 billion worth of assistance to cash-strapped Pakistan to support its economy. The development happened on Wednesday after Prime Minister Imran Khan held talks with Saudi Crown Prince Mohammad bin Salman in Riyadh this week. Information Minister Fawad Chaudhry took to Twitter to announce the assistance which came just two days after Khan paid a three-day visit to the Gulf kingdom.

"Saudi Arabia's announcement supports Pakistan with USD 3 billion as deposit in Pakistan central bank and also financing refined petroleum products with USD 1.2 billion during the year," he said in a tweet. Prime Minister Khan thanked Crown Prince Salman for the generous aid when Pakistan's economy was facing difficulties.

"I want to thank HRH Prince Mohammad bin Salman for supporting Pak with USD 3 billion as deposit in Pak's central bank and financing refined petroleum product with USD 1.2 billion. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices (sic)," he said on Twitter. Prime Minister's Adviser on Finance Shaukat Tarin, addressing a press meet, said the Saudi financial support package of USD 4.2 billion was for a year and would prove to be useful to lift pressure on the Pakistani rupee.

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