Pakistan on Monday has received first tranche of a financial package of 1 billion dollars signed between Pakistan and Saudi Arabia Ministry of Finance reported.

With this breather, the reserves of State Bank of Pakistan have swelled to over $8 billion.

According to details, Saudi Arabia handed over the first instalment of $1 billion to Pakistan “as balance of payment support” and Ministry of Finance deposited the amount in the State Bank of Pakistan. The remaining money will be given in two tranches in the next two months.

The Finance Ministry also stated that the supply of petroleum products will be started in December.

On October 23, Saudi Arabia had agreed to a US$6 billion support package to bolster Islamabad’s dwindling finances following a second visit by Prime Minister Imran Khan to Riyadh seeking aid.

The Saudi agreement came as new Pakistani Prime Minister Imran Khan attended a Saudi investment conference held in Saudi Arabia recently.