Saudi Arabia deposits $2b with State Bank, Says Finance Minister

July, 11(E. A Report) —— Saudi Arabia deposited an amount of USD 2 Billion with the State Bank of Pakistan (SBP) says Finance Minister Ishaq Dar.
“This amount will be reflected in SBP’s reserves for this week” he added.
These flows help Pakistan to get the nod of the IMF board for the disbursement of USD 3 billion on policies to be supported by a Stand-By Arrangement (SBA).
The IMF Executive Board meeting to consider a $3 billion loan program for Pakistan will be held on July 12, the fund said.
On June 29, 2023, the IMF team reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 percent of Pakistan’s IMF quota). The new SBA builds on the authorities’ efforts under Pakistan’s 2019 EFF-supported program which expires end-June. This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider this request by mid-July.

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