The sources say the first installment of $1 billion has returned to Saudi Arabia last month and this is the second installment and third and final installment will be paid next month.
ISLAMABAD: (UrduPoint/Pakistan Point News-Dec 17th, 2020) Pakistan repaid $1 billion to Saudi Arabia as the second installment of a $3 billion soft loan, the reports said on Thursday.
The sources said that the first installment of $ 1billion was returned to Saudi Arabia last month and this was the second installment and third and final installment would be paid next month.
Pakistan got a commercial load from China to return the installment of the Saudi loan. The country’s foreign exchange reserves stand at $13.3 billion after repayment of the second installment.
Saudi Arabia in Oct 2018 had agreed to provide US$ 6.2 billion worth of financial package to Pakistan for three years. This included US$ three billion in cash assistance to address Pakistan’s balance of payment issue and US Dollar 3.2 billion worth of oil on deferred payments.
The country has already paid back US$ one billion to Saudi Arabia in May this year out of the three billion Dollars financing.
