Pakistan has received $2 billion in financial support from Saudi Arabia, Finance Minister Ishaq Dar said on Tuesday, a day before the International Monetary Fund's board is expected to give final approval for a much-needed $3 billion bailout.
"It reflects the growing confidence of our brotherly countries and the international community in Pakistan's economic turnaround," Prime Minister Shehbaz Sharif said., Pakistan secured a last-gasp $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 nine-month arrangement, Pakistan will receive about $1.1 billion upfront and the IMF will stagger disbursements of the rest. The IMF deal will unlock more bilateral and multilateral financing in addition to the money from Saudi Arabia, and Dar has said that he expects Pakistan's foreign exchange reserves will have risen to $15 billion by the end of this month.Pakistan's sovereign rating to CCC from CCC-, and the bailout has brought some relief to investors in the country's stocks and bonds.
Sharif's coalition government, which is due to face a national election later this year, has to undertake more painful fiscal discipline measures to satisfy the IMF, and the central bank has raised its policy interest rate to a record high of 22% while ordinary Pakistanis are struggling with inflation running at about 29%.Our Standards:Shahzad is an accomplished media professional, with over two decades of experience.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kuwait, Saudi Arabia have 'exclusive rights' in Durra gas field, Kuwait oil minister saysKuwait and Saudi Arabia have 'exclusive rights' in the Durra gas field in the Arabian Gulf, Kuwait Oil Minister Saad Al Barrak said on Sunday, and he called on Iran to validate its claim to the field by demarcating its own maritime borders first.
Read more »
PGA Tour policy board member resigns over partnership with LIV Golf, Saudi ArabiaA member of the PGA Tour's policy board resigned on Saturday over 'serious concerns' he has regarding the new partnership with LIV Golf and Saudi Arabia, according to The Washington Post.
Read more »
PGA Tour policy board member resigns over partnership with LIV Golf, Saudi ArabiaA member of the PGA Tour's policy board resigned on Saturday over 'serious concerns' he has regarding the new partnership with LIV Golf and Saudi Arabia, according to The Washington Post.
Read more »
Kuwait, Saudi Arabia have 'exclusive rights' in Durra gas field -Kuwait oil ministerKuwait and Saudi Arabia have 'exclusive rights' in the Durra gas field in the Arabian Gulf, Kuwait Oil Minister Saad Al Barrak said on Sunday, and he called on Iran to validate its claim to the field by demarcating its own maritime borders first.
Read more »
Saudi Arabia Travel Guide | CNNView CNN’s Saudi Arabia Guide to explore the best things to do and places to stay, plus get insider tips, watch original video and read inspiring narratives from travelers.
Read more »
LIV Golf moves team championship from Saudi Arabia to Donald Trump's Florida courseLIV Golf has once again moved its season-ending team championship tournament to Trump National Doral Golf Club in Florida.
Read more »