Saudi financing to shore up Pakistan39;s forex FinMin
Pakistan39;s economy on stabilization path FinMin
IMF deal to unlock more external financing

ISLAMABAD, July 11 Reuters Pakistan has received 2 billion in financial support from Saudi Arabia, Finance Minister Ishaq Dar said on Tuesday, a day before the International Monetary Fund39;s board is expected to give final approval for a muchneeded 3 billion bailout.

I thank Saudi Arabia on behalf of the prime minister and army chief, Dar said in a recorded video statement, terming it a great gesture from the longtime ally.

Saudi Arabia deposited the funds with the central bank, Dar said, boosting foreign exchange reserves when Pakistan had been left with barely enough to cover a month of controlled imports.

Saudi Arabia pledged the funds in April, but had held off depositing the money with the State Bank of Pakistan until it was sure that the IMF bailout would be forthcoming.

It reflects the growing confidence of our brotherly countries and the international community in Pakistan39;s economic turnaround, Prime Minister Shehbaz Sharif said.

Teetering on the cusp of a sovereign debt default, Pakistan secured a lastgasp 3 billion IMF bailout on the last day of June, though it still needs approval from the IMF board, which is meeting on Wednesday.

Under the ninemonth arrangement, Pakistan will receive about 1.1 billion upfront and the IMF will stagger disbursements of the rest.

The IMF deal will unlock more…