ISLAMABAD: Federal Cabinet on Saturday has approved the $3 billion loan from Saudi Arabia.
Sources told that the money expected to arrive in the country next week will be kept in the State Bank of Pakistan (SBP). Federal Information Minister Fawad Chaudhry stated, “All legal formalities in the transfer of the money have been completed.”
After receiving the loan, the central bank’s foreign exchange reserves would swell to $20 billion from $17bn.
Saudi Arabia, under this package, will offer an oil deferred payments facility of $1.2bn per annum to Pakistan.
