Saudi Arabia pledges $8bn package to Pak


Islamabad, May 1 : Saudi Arabia has agreed to provide Pakistan a "sizeable package" of around $8 billion to help revive the countrys ailing economy amid the maiden trip of Prime Minister Shehbaz Sharif to the kingdom. The package includes doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities, according to a report published in The News. "However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed," top official sources privy to the development informed. Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalise the modalities of the increased financial package. Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and audi Arabia agreed to it. It was also agreed that the existing deposits of $3 billion would be rolled over for an extended period up to June 2023. "Pakistan and Saudi Arabia discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," the official sources said, adding that the size of the total package would be determined when additional money was finalised. /IANS


Bangladesh to start week-long campaign to expedite Covid-19 vaccination with booster doses
Dhaka, June 1 : Bangladesh will conduct a week-long special campaign from June 4 to expedite the inoculation with Covid-19 booster doses. People

Imran asked PTI workers to carry auto-loading weapons in Azadi March: Minister
Islamabad, May 31 : Pakistan Defence Minister Khawaja Asif has claimed that protesters in the PTI's Azadi March were also carrying automatic weapons o

Pak's fuel supply threatened as foreign banks refuse financing
Islamabad, May 31 : Amid rising subsidy allocations, the Pakistan oil industry is now facing challenges in arranging international finances for import