Pakistan Gets 2nd $1Bln Saudi Deposit Amid Balance-Of-Payments Crisis - Central Bank

The State Bank of Pakistan on Friday received a second $1 billion deposit from Saudi Arabia in a little over a month, which is part of a pledged $3 billion in bailout money aimed at addressing the nation's balance-of-payment crisis, the bank's spokesman said, according to the Dawn newspaper.

MOSCOW (UrduPoint News / Sputnik - 14th December, 2018) The State Bank of Pakistan on Friday received a second $1 billion deposit from Saudi Arabia in a little over a month, which is part of a pledged $3 billion in bailout money aimed at addressing the nation's balance-of-payment crisis, the bank's spokesman said, according to the Dawn newspaper.

The outlet cited the bank official as saying that the third tranche would come next month. The Kingdom also promised Pakistan deferred payment facility for oil import worth up to $3 billion.

Pakistan's foreign debt load passed the $90 billion mark this year. Most of it is owed to China, which has invested tens of billions in local infrastructure as part of its Belt and Road initiative.