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$2 bn Offered to Cash-Strapped Pakistan by Saudi Arabia, UAE
January 29, 2019
Pakistan, who is currently strapped and is seeing its foreign currency reserves depleting at an alarming rate, has received a sum of two billion USD, one billion each from the United Arab Emirates (UAE) and Saudi Arabia. This was a part of the six billion USD bailout package that was announced by Saudi Arabia.
Pakistan’s central bank State Bank of Pakistan (SBP) reported that its foreign currency reserves dropped to a 57-month low of 6.63 billion USD in January 2019. The reserves were depleting significantly in the past two years due to the country’s low income and high foreign expenditure.
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