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Jeddah - Yasmine El Tohamy - ISLAMABAD: Pakistan's central bank said on Tuesday that it has received a second tranche of $1 billion from Saudi Arabia, providing much-needed financial support to the country as it attempts to bolster its foreign exchange reserves amid recent repayments of $1.4 billion in Eurobonds and $2 billion in loans to the UAE.
Pakistan's Finance Minister Muhammad Aurangzeb announced last week that Saudi Arabia had committed $3 billion in additional financial support for Pakistan and had also agreed to extend an existing $5 billion deposit to help shore up the South Asian country's forex reserves.
The State Bank of Pakistan, or SBP, said it received the first tranche of $2 billion from Saudi Arabia on April 15.
"State Bank of Pakistan has received funds of $1 billion from Ministry of Finance, Kingdom of Saudi Arabia in the value date of 20 April 2026," the central bank said. "This is the second tranche of the $3 billion deposit recently agreed by the Kingdom of Saudi Arabia."
Saudi Arabia's financial support comes amid Pakistan's repayment of about $1.4 billion in Eurobonds this month. The country is scheduled to return a total of $3.5 billion to the UAE by the end of April under bilateral deposit arrangements, a move that comes as authorities work to stabilize foreign exchange reserves with support from allies and an International Monetary Fund (IMF) program.
A Pakistani central bank official said on Saturday that Islamabad has repaid $2 billion to the UAE out of the total $3.5 billion. He did not elaborate on when the government would pay the remaining $1.5 billion to the Gulf state.
Pakistan's fragile economy has, in recent years, relied heavily on financial support and rollovers from key partners, including Saudi Arabia and China, to maintain foreign exchange reserves required under its $7 billion IMF program.
The Kingdom has been a key financial backer of Pakistan, providing deposits, oil financing facilities and budgetary support to help the country navigate external financing pressures.
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