Pakistan receives second tranche of Saudi aid
The State Bank of Pakistan in November confirmed receiving first installment of the aid package.
ISLAMABAD: Pakistan has received second tranche of $1 billion Saudi aid, Geo News reported citing sources in the Finance Minister on Friday.
Pakistan's foreign reserves soared to $8.26 billion with transfer of money which Saudi Arabia had pledged to help Pakistan overcome balance of payment crisis.
The State Bank of Pakistan in November confirmed receiving first installment of the aid package.
Prime Minister Imran who visited the kingdom in October had said that Riyadh agreed to give $12 billion package to Pakistan.
During his visit, finance ministers of both the countries signed an MoU under which Saudi Arabia would deposit $3 billion in Pakistan's account of which Islamabad has now received $2 billion.
Experts say the Saudi aid would ease pressure on Pakistan's foreign reserve and strengthen Pakistani rupee against US dollar.
-
Meta launches new subscription with enhanced AI features and premium tools -
AI stocks crash as top lab CEOs demand emergency technology slowdown amid extinction fears -
Carney proposes new EU role for Canada: Key details to know -
Micron gives Taiwan workers up to 68 months pay after strike threat -
SpaceX landed its fourth billion-dollar AI customer -
EU approves major investment in Ukraine’s air defense: How patriot missiles work -
EU watchdog sounds alarm over risk of abrupt market correction -
Channel 4 to cut hundreds of jobs in major restructuring: What to know
-
Google commits $15B to Finnish AI infrastructure, marking its largest-ever European investment -
No ticket? New TSA program lets non-travelers past airport security
-
Singapore raises ministers’ salaries for the first time in 15 years: Here’s why
-
French AI pioneer Mistral secures €3 billion in record-breaking financing round, hitting a $24 billion valuation
