ISLAMABAD: Pakistan will receive $3 billion in financial assistance from Saudi Arabia within a week, a finance ministry spokesman said on Friday, as the South Asian nation continues to struggle with depleting foreign reserves.
The Saudi Fund for Development (SFD) announced a generous financial package of $4.2 billion after Prime Minister Imran Khan’s visit to Saudi Arabia in October.
The SFD said it would deposit $3 billion dollars into the Pakistani central bank to support the cash-strapped South Asian’s nation’s shrinking foreign reserves.
The kingdom, which is a leading supplier of oil to Islamabad, also pledged it would additionally supply $1.2 billion worth of oil to Pakistan on credit.
Saudi Arabia had also supported Pakistan back in 2019 with $3 billion deposits and $1.2 billion of deferred oil payment facility.
Muzammil Aslam, a spokesperson for Ministry of Finance, said the Saudi dollars would be deposited in Pakistan’s central bank “within a week.”
“Our State Bank is in touch with the Saudi central bank to finalize the transaction,” Aslam told Arab News.
“This $3 billion deposit from Saudi Arabia in our central bank will be for a year as per the agreement.”
Information Minister Chaudhry Fawad Hussain said on Thursday all legal matters relating to transfer had been finalized.
“All legal matters have been finalized relating to the transfer of $3 billion from Saudi Arabia,” he tweeted. “Pakistan will get these dollars this week.”
Pakistan’s currency and equity markets showed a bullish trend and recovered some of their losses soon after the Saudi announcement last month, as Islamabad’s external account has been under dual pressure of debt repayments and rising current account deficit.
Earlier this week, Pakistan also reached an agreement with the International Monetary Fund (IMF) to draw $1 billion loan tranche under a three-year $6 billion accord reached in 2019.
The agreement awaits approval of the IMF executive board, which is expected to meet in January 2022.
Pakistan to receive $3 billion in Saudi assistance within a week — officials
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Pakistan to receive $3 billion in Saudi assistance within a week — officials
- Information Minister Chaudhry Fawad Hussain says all matters relating to transfer have been finalized
- Saudi Arabia announced assistance after Prime Minister Imran Khan’s visit to kingdom in October
Kazakhstan president to explore trade, connectivity cooperation in first state visit to Pakistan tomorrow
- Kazakhstan President Kassym-Jomart Tokayev to visit Pakistan from Feb. 3-4 with high-level delegation, says Pakistan’s foreign office
- Kazakh president to meet Pakistani counterpart, hold talks with PM Shehbaz Sharif and address Pakistan-Kazakhstan Business Forum
ISLAMABAD: Kazakhstan President Kassym-Jomart Tokayev will explore bilateral cooperation with Pakistan in trade, regional connectivity, logistics and other sectors when he undertakes his first state visit to the country this week, Pakistan’s foreign office said on Monday.
Tokayev will arrive in Pakistan leading a high-level delegation comprising senior cabinet ministers and high-ranking officials from Feb. 3-4, the Pakistani foreign office said in a statement.
Tokayev is expected to meet his Pakistani counterpart President Asif Ali Zardari, hold talks with Prime Minister Shehbaz Sharif and address the Pakistan-Kazakhstan Business Forum during the visit, the foreign office said.
“The visit will provide the two sides an important and timely opportunity to undertake a comprehensive review of bilateral relations, discuss new avenues for broadening cooperation, particularly in trade, logistics, regional connectivity, people-to-people contacts, and explore collaboration at regional and international forums,” the statement said.
The foreign office said Tokayev’s visit reflects the strengthening bonds between Pakistan and Kazakhstan, their mutual commitment to transforming historic and cultural affinities into robust cooperation, as well as their common desire for peace and progress in the region.
Relations between Pakistan and Kazakhstan are rooted in shared Islamic heritage and a growing strategic partnership, with Pakistan offering landlocked Central Asian republics access to southern seaports for global trade. Pakistan was among the first countries to recognize Kazakhstan when it gained independence in December 1991 and formally established diplomatic relations with it on Feb. 24, 1992.
The two countries have held regular interactions over the past couple of years on the sidelines of the Shanghai Cooperation Organization (SCO) meetings and other international events. Kazakhstan’s Deputy Prime Minister Murat Nurtleu visited
Pakistan in September 2025 to discuss economic and trade cooperation with Islamabad.
Islamabad and Astana engage with each other to promote business and political ties via three forums mainly, which are: Bilateral Political Consultations, the Intergovernmental Joint Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, and the Joint Business Council.
According to the government of Kazakhstan, bilateral trade between the two countries amounted to $53.7 million in 2024. Pakistan’s main exports to Kazakhstan include citrus fruits, pharmaceutical products, garments, soap, sports equipment and gear and others.
Kazakhstan’s exports to Pakistan primarily include onions and garlic, dried leguminous vegetables, oats, buckwheat and other cereal grains, seeds and fruits of other oil-bearing crops, among others.
