ISLAMABAD: Federal Minister for Finance Asad Umar said that Pakistan is likely to receive the first tranche of $1 billion under the balance of payments support from Saudi Arabia on Monday, the Pakistan media reported.

The amount of the first tranche will reach the State Bank of Pakistan (SBP), according to the Finance Minister.

Umar added that the second and third tranche will be received over the next two months.

In October, Prime Minister Imran Khan visited Saudi Arabia and the kingdom agreed to give a bailout plan of $6 billion for Pakistan under which Saudi Arabia agreed to hand over $3 billion to Pakistan “as balance of payment support,” while another one-year deferred payment facility of up to $3 billion for oil imports was agreed.

Umar reiterated that Saudi Arabia is taking a keen interest in investments in different projects in the Gwadar Port.

Last week in a meeting with President Arif Alvi, Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki revealed that “Saudi Minister for Energy will soon visit Pakistan to sign MoU on establishing an oil refinery in Pakistan, apart from finalizing other major projects in which Saudi Arabia has shown interest,” President office said in a statement after the meeting on November 06.

Since assuming office in August this year, Prime Minister Imran Khan visited Saudi Arabia twice and Pakistani leadership terms these trips very successful, resulting in enhanced and multi-faceted economic cooperation between the two brotherly countries.

Prime Minister Imran Khan and his economic team are also in talks with China for financial backing and PM Khan early this month visited China.

Pakistan is also holding talks with International Monitory Fund (IMF) for another loan to meet the economic challenges.