The Saudi Fund for Development (SFD) announced a deposit of $3 billion with State Bank of Pakistan (SBP) to help the Pakistani government support its foreign currency reserves and in combating the repercussions of the coronavirus pandemic.
SFD also said that the directive was issued to finance the oil derivatives trade with $1.2 billion throughout the year, state-owned Saudi Press Agency reported.
It's worth noting that Saudi Arabia has supported Pakistan several times in the Past. For instance, the Kingdom helped in paying for Pakistan's first batch of F-16 fighter aircraft in the 1980s and provided $6 billion loans that helped Pakistan tide over its balance of payments crisis just two years ago.
Today, the Pakistani rupee is the worst performing Asian currency over the past six months, according to Bloomberg.
