Saudi Arabia deposits $2 billion in Pakistan’s central bank as a boost ahead of a key IMF meeting

By MUNIR AHMED
Associated Press

ISLAMABAD (AP) — Saudi Arabia has deposited $2 billion into Pakistan’s central bank, a much-needed financial boost ahead of a critical meeting of the International Monetary Fund on the new bailout package for the cash-strapped South Asian country. Pakistani Finance Minister Ishaq Dar said on Tuesday that the kingdom was making good on its promise to bolster Pakistan’s foreign exchange reserves. The development comes on the eve of the meeting of he IMF’s executive board which is expected to approve a new and much-needed $3 billion loan to Pakistan to help the country overcome an economic crisis. Prime Minister Shehbaz Sharif tweeted his “deep gratitude to the leadership and brotherly people of the Kingdom of Saudi Arabia.”