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Pakistan gets $8bn lifeline from Saudi Arabia to revive ailing economy

07:29 PM | 1 May, 2022
Pakistan gets $8bn lifeline from Saudi Arabia to revive ailing economy
Source: @PakPMO_Twitter

ISLAMABAD – Saudi Arabia has extended an $8 billion financial package to bail out Pakistan after Prime Minister Shehbaz Sharif called on the Saudi crown prince during the maiden visit.

The News reported that the wealthy Arab country will provide Islamabad with a financial support package of around $8 billion including doubling the oil financing facility, and providing additional funds through deposits or Sukuks.

The Kingdom also agreed to roll over the existing deposits of $3 billion for an extended period up to June 2023. Meanwhile, the technical details are being worked out and are expected to take a couple of weeks, per reports.

Finance minister Miftah Ismail also shared a tweet, saying “The Kingdom of Saudi Arabia affirmed its continued support to Pakistan and its economy including the discussion of augmenting the three billion USD deposit with the central bank through term extension or otherwise, and exploring options to further enhance the financing of petroleum products and supporting the economic structural reforms for the benefit of Pakistan and its people. Pakistan greatly appreciates the continued strong support of the Kingdom of Saudi Arabia to Pakistan.”

The financial grant will boost dwindling forex reserves and help in recovering the dilapidating economy as the country facing several economic woes mainly soaring inflation, sliding forex reserves, and a widening current account deficit.

Last year, Kingdom extended $3 billion deposits to Pakistan’s central bank. In the previous regime, Saudi Arabia provided a package of $4.2 billion, including $3 billion deposits and a $1.2 billion oil facility for one year, and linked it with an IMF programme.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 23 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 23, 2024 (Friday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.45 for selling.

Euro comes down to 301 for buying and 304 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 75.95 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 23 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279.5 282.45
Euro EUR 301 304
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 75.95 76.7
Saudi Riyal SAR 74.25 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.60 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal ‎QAR 76.76 77.43
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.87
Thai Bhat THB 7.79 7.94

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