‘Always been there’: Imran Khan thanks Saudi Arabia on receiving $3 billion aid

Pakistan's prime minister Imran Khan had on Monday met Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on the sidelines of the Middle East Green Initiative (MGI) summit in Riyadh.
Riyadh: In this photo provided by the Saudi Royal Palace, Saudi Crown Prince Mohammed bin Salman, right, greets Pakistan's prime minister Imran Khan, left, during the Green Initiative Summit in Riyadh, Saudi Arabia, on Monday, Oct. 25. (AP)
Riyadh: In this photo provided by the Saudi Royal Palace, Saudi Crown Prince Mohammed bin Salman, right, greets Pakistan's prime minister Imran Khan, left, during the Green Initiative Summit in Riyadh, Saudi Arabia, on Monday, Oct. 25. (AP)
Updated on Oct 27, 2021 01:01 PM IST
Copy Link
Written by Joydeep Bose | Edited by Avik Roy, Hindustan Times, New Delhi

After Saudi Arabia sent $3 billion in financial aid to cash-strapped Pakistan for tiding over the ongoing economic crisis, Pakistani prime minister Imran Khan on Wednesday thanked Saudi Prince Mohammad bin Salman for extending the helpful gesture in these “difficult times”.

Noting that Saudi Arabia “has always been there” for Pakistan during its difficult phase, Khan expressed his gratitude and noted that at a time when the world confronts rising commodity prices, Saudi generosity did not fail its fellow Muslim ally as the country deposited $3 billion in Pakistan's central bank and financed refined petroleum products with $1.2 billion.

Taking to his official handle on Twitter, Pakistan's prime minister Imran Khan wrote, “I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak's central bank & financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when the world confronts rising commodity prices.”

Imran Khan had on Monday met Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on the sidelines of the Middle East Green Initiative (MGI) summit in Riyadh, which he was invited to attend at the royalty's invitation. Later on Tuesday, the Saudi prince announced that it was depositing $3 billion in Pakistan's central bank to help the cash-strapped country with the foreign reserves. According to Geo News, the announcement was made by the Saudi Fund for Development, which said that not only was it depositing $3 billion in the State Bank of Pakistan (SBP) but also had issued an official directive to supply $1.2 billion to finance Pakistan's oil products trade during the year. The news was later confirmed by Pakistan's information and energy minister Hammad Azhar.

“This will help ease pressures on our trade and forex accounts as a result of global commodities price surge,” Azhar said as he shared the news.

It was reported by the Hindustan Times earlier this month that Pakistan is facing a deep economic crisis, its biggest one in history. According to The News International, one of the largest English language newspapers in Pakistan, the Imran Khan-led regime ideally requires gross external financing of $51.6 billion within a two-year period (2021-2023) in order to fulfill its needs.

Also Read | Pakistan in deep economic crisis. Here's how much financial help it requires

Pakistan, despite its close ties with Iran, shares a friendly relationship with Saudi Arabia in line with the pan-Islamic ideology. Riyadh has helped Islamabad multiple times over the years, including aid in paying for Pakistan's first batch of F-16 fighter aircraft in the 1980s and providing $6 billion in loans that helped Islamabad tide over its balance of payments crisis just two years ago.

The Saudis also came to Pakistan's rescue in 2018 when they agreed to provide $3.2 billion worth of oil on deferred payments per annum as part of a $6.2 billion package to help Pakistan get over with its crisis.

SHARE THIS ARTICLE ON
Close Story
SHARE
Story Saved
OPEN APP
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, December 02, 2021