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Federal cabinet approves $3bn Saudi loan
#FederalCabinet #$3bnSaudiLoan #PMImranKhan ISLAMABAD: The federal cabinet has approved a $3 billion loan from the Kingdom of Saudi Arabia, ARY News reported on Saturday. The State Bank of Pakistan (SBP) is expected to receive the amount from the Kingdom by next week, after which the central bank’s foreign exchange reserves would swell to $20 billion from the current $17bn. Last month, the government had announced that Saudi Arabia will deposit $3 billion with the central bank and extend $1.2 billion of trade finance to support Pakistan’s balance of payments. Prime Minister Imran Khan on Oct 27 thanked Crown Prince Mohammed bin Salman following Saudi Arabia’s “generous gesture” of depositing $3 billion with the Pakistani central bank to support the country’s foreign exchange reserves. PM Khan said in a tweet that he wants to thank His Royal Highness (HRH) Prince Mohammad bin Salman for supporting Pakistan with the deposit of $3 billion in the State Bank of Pakistan and for “financing refined petroleum product with $1.2 bn” “KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices,” the Prime Minister said in his tweet. Official Facebook: https://ift.tt/2Mcr3YR Official Twitter: https://www.twitter.com/arynewsofficial Official Instagram: https://ift.tt/2JM0Rm3 Website: https://arynews.tv Watch ARY NEWS LIVE: http://live.arynews.tv Listen Live: https://ift.tt/2M9qizp Listen Top of the hour Headlines, Bulletins & Programs: https://ift.tt/2OFRIQu #ARYNews ARY News Official Youtube Channel. For more videos, subscribe to our channel and for suggestions please use the comment section.

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