No Script Javascript is disabled. Please enable it for better working experience.
Advertisement
Monday 20 May, 2024
Advertisement

Saudi Arabia will provide $2 Billion in Financial Assistance to Pakistan in a Week

BY Shahzad Saeed Apr 15, 2023. 06:18 pm UPDATED: Apr 15, 2023. 06:18 pm

Advertisement

Saudi Arabia promised the International Monetary Fund (IMF) that Pakistan would receive a $2 billion loan during one of its worst recent economic crises.

The Special Assistant to the Prime Minister (SAPM), Muhammad Jawad Sohrab Malik, and Nawaf bin Said Al-Malki, the ambassador of the Kingdom of Saudi Arabia to Pakistan, met in Islamabad to discuss ways to improve bilateral ties.

The prime minister’s advisor thanked the envoy for promising $2 billion, which will be received within the next seven working days, and praised Riyadh for its unwavering support for the South Asian nation. Mr. Malik emphasized the importance of the Kingdom’s assistance and asserted that a $2 billion loan would help Pakistan get out of its financial crisis.

He went on to say that doing so would help Pakistan obtain much-needed financial assistance from friendly nations like the UAE, Qatar, and others, and would eventually result in the long-awaited staff-level agreement (SLA).

The IMF’s Director of Strategic Communications at the time, Julie Kozack, stated that “timely financial assistance from external partners will be critical to support the authorities’ policy initiatives and enable the successful completion of the review [with Pakistan].”

$1.7 billion of the $2 billion that China promised to refinance has already been credited to Pakistan’s central bank. Furthermore, China extended a $2 billion loan to Pakistan last month, assisting the country during its severe balance of payments crisis.

Read more: China Announces to Launch ‘Chinese Super Mansons’

 

Advertisement

Related Articles

Coldwave to hit Pakistan after Oct 17
Latest

Coldwave to hit Pakistan after Oct 17

According to the Pakistan Meteorological Department (PMD) on Thursday, a cold wave...

Maryam Nawaz's son Junaid Safdar divorce Ayesha
Latest

Maryam Nawaz's son Junaid Safdar divorce Ayesha

Junaid Safdar, the son of Pakistan Muslim League-Nawaz (PML-N) Maryam Nawaz, announced...

Who is Kathy Leutner? Sidney Crosby’s girlfriend
Latest

Who is Kathy Leutner? Sidney Crosby’s girlfriend

PITTSBURGH Sidney Crosby, a standout for the Penguins and one of the...

Petrol Price in Pakistan reduced by Rs. 8 from 1st October
Latest

Petrol Price in Pakistan reduced by Rs. 8 from 1st October

After three large increases in the previous fortnightly reviews, the caretaker government...

Punjab Announces Holiday for Schools on 28 September 2023 Amid Pink Eye Outbreak
Latest

Punjab Announces Holiday for Schools on 28 September 2023 Amid Pink Eye Outbreak

Due to an increase in pink eye (conjunctivitis) instances, Punjab's temporary Chief...

Who was Maddy Cusack?
Latest

Who was Maddy Cusack?

THE world has been shocked by the news that Sheffield United star...

Advertisement

Latest News

Who is Ava Louise? OnlyFans model who flashed portal
World

Who is Ava Louise? OnlyFans model who flashed portal

The annoying OnlyFans model claims that she lifted her top because she...

Madison Bergmann arrested for ‘making out’ with 5th-grader
US

Madison Bergmann arrested for ‘making out’ with 5th-grader

Less than three months before her wedding, a 24-year-old elementary school teacher...

Sgt. Colin Arslanbas killed in training accident
US

Sgt. Colin Arslanbas killed in training accident

Military authorities have revealed the identify of the Marine from North Carolina...

MMA FIGHTER Ali Heibati banned for kicking RING GIRL Maria
Viral

MMA FIGHTER Ali Heibati banned for kicking RING GIRL Maria

Ali Heibati, an MMA fighter, received a lifelong ban for his shameful...

Advertisement