Finance ministry says $9.5 bln Saudi facilities to support countries in need during COVID-19

01/11/2021 Argaam

Headquarter of Ministry of Finance

Saudi Arabia’s Ministry of Finance said that the Kingdom is using the available tools to provide support to deal with the effects of the COVID-19 pandemic, including supporting liquidity from foreign exchange.

 

The total external facilities provided to countries in need during the pandemic amounted to $9.5 billion, equivalent to about 70% of the Special Drawing Rights (SDR) recently allocated to the Kingdom from the International Monetary Fund (IMF), Saudi Press Agency (SPA) reported.

 

The Kingdom is one of the major countries that supported the foreign reserves of countries in need during the pandemic. It recently provided a deposit of $3 billion to the Central Bank of Egypt, in addition to extending previous deposits valued at $2.3 billion.

 

In addition, a $3 billion deposit was provided to the State Bank of Pakistan, with $1.2 billion in trade financing to support Pakistan's balance of payments.

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