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Saudi Arabia to deposit $2 billion in SBP before IMF bailout, says Pakistan’s defence minister 

03:03 PM | 27 May, 2023
Saudi Arabia to deposit $2 billion in SBP before IMF bailout, says Pakistan’s defence minister 
Source: File Photo

ISLAMABAD – Defense Minister Khawaja Asif said Saudi Arabia would be depositing funds worth $2 billion in the State Bank of Pakistan (SBP) in order to help the cash-strapped South Asia country to revive the IMF loan programme stalled since September last. 

The cash-strapped country is scrambling to complete the ninth review to secure $1.1 billion loan from the global lender but clouds of uncertainty overhang despite meeting multiple condition, including free floating of local currency and massive taxes on electricity. 

In line with the IMF conditions, Pakistan has already secured assurance of $2 billion from Saudi Arabia and $1 billion from the UAE.

“The IMF asked them (Saudi Arabia) to give that commitment to them. They (Saudi Arabia) have already given that, that means that they will pay [the funds to Pakistan],” Asif told Arab News in an interview on Thursday. 

He said the kingdom will prove the funds before the IMF programme. The global lender is not giving Pakistan any big amount, he said, adding: “It is just a program which we have to complete till 30th of June.” 

The IMF bailout program is set to expire on June 30, which has prompted the PDM government to explore other options to avert default. 

Asif said that Pakistan is receiving assistance from UAE, Saudi Arabia, China and some other sources, hoping that the country would manage to overcome the economic crisis. 

Responding to a question about the return of his Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif, he said efforts were being made to get the former prime minister’s conviction in graft cases overturn before his return to Pakistan from London.

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Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 14 April forex rates

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 14, 2024.

US Dollar rate in Pakistan

On Sunday, the US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 14 April 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 299.95 302.9
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.45
 
76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86
 
1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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