Pakistan: Imran Khan took three billion dollars from Saudi Arabia, the interest rate is 4%

Imran Khan has taken a loan of three billion dollars from Saudi Arabia to get out of the financial crisis of Pakistan, which is troubled by the loan. Cash-strapped Pakistan has received three billion dollars in financial aid from Saudi Arabia on Saturday. A senior government official gave this information. Pakistan had sought assistance from Saudi Arabia to stabilize its economy. This amount is part of that. But it is necessary to mention here that Pakistan has got this money at an interest rate of 4 percent.

Daras, the South Asian country of Pakistan is facing increasing economic challenges with high inflation, dwindling foreign exchange reserves, rising current account deficit and a dwindling currency value. Based on the data of the central bank, Pakistan’s total liquid foreign reserves are $ 22,498 billion.

The financial aid to Pakistan from Saudi Arabia comes more than a month after Prime Minister Imran Khan visited Riyadh and held talks with Crown Prince Mohammed bin Salman. Following the talks, Saudi Arabia had agreed to provide $4.2 billion in aid to Pakistan, of which $3 billion was to be transferred to Pakistan’s central bank as deposits.

Prime Minister Imran Khan’s advisor on finance and revenue Shaukat Tareen confirmed that the State Bank of Pakistan (SBP) has received $3 billion from Saudi Arabia. Shaukat Tareen, Financial Adviser to Pakistan Prime Minister Imran Khan, said in a tweet that I would like to thank Crown Prince Mohammed bin Salman and the Kingdom of Saudi Arabia for this.

According to a Reuters report, this loan from Saudi Arabia has been received by Pakistan at 4% interest rate for one year under the terms of the package, which was signed last month. The Government of Pakistan believes that this agreement will strengthen Pakistan’s foreign exchange reserves and compensate for the loss caused by the corona virus. The government has described this as a growing relationship between the two countries and said that it will further enhance the economic ties between the two countries.