Kingdom has also agreed to extend rollover arrangement for additional $5 billion deposit for longer period]’’
Islamabad
The State Bank of Pakistan (SBP) said it has received $2 billion from Saudi Arabia, boosting foreign exchange reserves and providing support to the country’s external position.
“State Bank of Pakistan has received funds of $2 billion from Ministry of Finance, Kingdom of Saudi Arabia in the value date of 15 April 2026,” the central bank said in a post on X on Thursday.
The development comes as Prime Minister Shehbaz Sharif was in Saudi Arabia to push diplomatic efforts to promote peace in the Middle East.
The premier also held a meeting with Crown Prince Mohammed bin Salman (MBS) in Jeddah, expressing his sincere appreciation for Saudi Arabia’s consistent support for Pakistan’s economic stability, according to the Prime Minister’s Office.
During the meeting, PM Shehbaz expressed full solidarity and support for the Kingdom in the wake of recent regional escalation, saying that “the people of Pakistan stand shoulder to shoulder with our Saudi brethren.” He also conveyed deep condolences over the loss of precious lives.
A day earlier, Finance Minister Muhammad Aurangzeb announced that Saudi Arabia has committed $3 billion in additional financial support for Pakistan, with disbursement expected next week.
The extra funding for Pakistan comes on top of Riyadh extending the rollover arrangement for an additional $5 billion deposit for a longer period, Aurangzeb told reporters in Washington.
The move underlines a deepening relationship between Riyadh and Islamabad, cemented last year by a mutual defense pact treating aggression against either as an attack on both.
Pakistan faces a $3.5 billion repayment to the UAE this month that has put a strain on its foreign exchange reserves, which stood at about $16.4 billion as of March 27.
Under Pakistan’s $7 billion International Monetary Fund (IMF) programme, the country is targeting foreign exchange reserves of more than $18 billion by June.
Saudi Arabia has repeatedly stepped in to support Pakistan during periods of economic stress. In 2018, Riyadh unveiled a $6 billion package that included a $3 billion deposit at Pakistan’s central bank and $3 billion in oil supplies on deferred payment.
In a meeting with Aurangzeb on Wednesday, IMF chief Kristalina Georgieva credited Pakistan’s strong implementation of its IMF programme for maintaining macroeconomic stability.
“Strong program[me] implementation has helped Pakistan maintain macroeconomic stability and build confidence,” she said.
