Karachi (Staff Report): Pakistan has received the second $1 billion tranche from Saudi Arabia, said the State Bank of Pakistan (SBP) on Thursday.
The SBP spokesperson said that the latest package had shored up the central bank's foreign reserves, hitting the $9.4bn mark.
The country’s foreign exchange reserves now stand at 9.24 billion, with the third instalment from Riyadh expected in January.
Prime Minister Imran Khan visited Riyadh on the invitation of King Salman bin Abdul Aziz to participate in the Future Investment Initiative (FII) Conference in October.
The kingdom had agreed to park $3 billion in Pakistan’s foreign currency reserves for a year and establish a credit line worth $3 billion for the sale of petroleum products on credit for three years.
Pakistan received first tranche of $1bn on Nov 9 and is expected to receive another Saudi financial package in next month.