Islamabad: Pakistan's central bank has received $ 2 billion from Saudi Arabia, announced Minister Ishaq Dar, development that gives massive boost to country's low level of foreign exchange reserves.

"Our brother nation Saudi Arabia has deposited $ 2 billion into account of State Bank of Pakistan," said Dar in video message. "This will directly boost country's foreign exchange reserves," he added.
"These $ 2 billion will be reflected in SBP's reserves in week ending July 14," Dar added. He lauded role of Saudi government, especially King Salman and Crown Prince Mohammad bin Salman.
"I extend our heartfelt thanks to leadership of Kingdom of Saudi Arabia for their great gesture and support by placing said deposit of $ 2 billion with SBP.

"I expect more positive developments on economic front in coming days," said Dar. Pakistan's economic situation has almost stabilised and would now move towards growth.
Taking to Twitter, Prime Minister Shehbaz Sharif said development "Reflects growing confidence of our brotherly countries and international community in Pakistan's economic turnaround".

"We remain committed to making all necessary efforts to improve Pakistan's economy," PM said.
Staff-level agreement is subject to approval by IMF Executive Board, with its consideration expected on July 12.

Experts have regularly stated resumption of IMF bailout package is crucial for cash-strapped South Asian economy facing balance of payment crisis amid low foreign exchange reserves.