• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Times of Pakistan
No Result
View All Result
Home Featured

Saudi Arabia loaned Pakistan $1.5bn to Shore up Economy

ToP by ToP
March 14, 2014
in Featured, International News
0
Saudi Arabia loaned Pakistan
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Saudi Arabia loaned PakistanSaudi Arabia loaned $1.5 billion to Pakistan last month to help Islamabad shore up its foreign exchange reserves, meet debt-service obligations and undertake large energy and infrastructure projects, Pakistani officials have told Reuters. The Saudi assistance has contributed to a sharp recovery of the Pakistani rupee, which rose to a nine-month high of 97.40 from 105.40 against the dollar between March 4 and 12, its strongest rally in 30 years. “On a personal guarantee of the prime minister, Saudi Arabia has given $1.5 billion, which has helped bail out the rupee,” one senior Pakistani government official close to the deal told Reuters, requesting anonymity as he was not authorized to disclose the source and purpose of the funding.

The governor of the Saudi central bank declined to comment, and officials gave no details of the loan terms. Another top official who is based in Lahore said the money went into an account known as the Pakistan Development Fund set up to channel money from “friendly countries” like Saudi Arabia and the United Arab Emirates. “We have a promise of a total $3 billion, of which $1.5 billion has been received so far,” the second official said. “Most recently, we got $750 million from the Saudis.” Pakistani Prime Minister Nawaz Sharif has long enjoyed close relations with the Saudi royal family. After his second term as prime minister was ended by a military coup in 1999, he was sent into exile in Saudi Arabia.

Prince Alwaleed bin Talal, the Saudi financier and member of the House of Saud, has described Sharif as “Saudi Arabia”s man in Pakistan”. Pakistani Finance Minister Ishaq Dar confirmed on Wednesday that $1.5 billion was received under the development fund but declined to comment on the source. “Why do you want to expose our friends?” he told reporters. “The countries who have helped us don”t want us to disclose the source.”Dwan

Previous Post

Sindh govt Orders Probe after 41 Children die in Thar Desert

Next Post

Bangladesh Opposition Leader Sent to Jail as Protests Loom

ToP

ToP

Related Posts

Pakistani Citizens Sudan
Pakistan

Over 1,000 Pakistani Citizens Rescued from Sudan as Evacuation Operation Ends

by Jameel Ahmad
May 2, 2023
Mullah Muhammad Daud Muzamil
International News

Governor of Afghanistan’s Balkh province killed in suicide attack

by Jameel Ahmad
March 9, 2023
Quake toll at Turkiye-Syria over 9,600 deaths
International News

Quake toll at Turkiye-Syria over 9,600 deaths

by Jameel Ahmad
February 8, 2023
Pakistan has Given us Nothing but Lies and Deceit: Donald Trump
International News

The greatest threat to the US is neither Donald Trump nor MAGA

by Khawaja Pervaiz Seed
January 2, 2023
Khar stresses sustained international engagement with Afghan interim government
International News

Khar stresses sustained international engagement with Afghan interim government

by Jameel Ahmad
November 10, 2022
Pak, China FO spokespersons hold dialogue
International News

Pak, China FO spokespersons hold dialogue

by Jameel Ahmad
October 11, 2022
Pakistan warns of threat to South Asia’s peace by India’s ‘aggressive and expansionist’ regime
International News

Pakistan warns of threat to South Asia’s peace by India’s ‘aggressive and expansionist’ regime

by Jameel Ahmad
October 5, 2022
Next Post
Rizvi Ahmed images

Bangladesh Opposition Leader Sent to Jail as Protests Loom

Popular Stories

  • imran riaz khan

    Journalist Imran Riaz Khan Safely Returns Home After Four-Month Absence

    0 shares
    Share 0 Tweet 0
  • 10 Most Expensive Pets, Unusual Choices

    0 shares
    Share 0 Tweet 0
  • PML-N Describes NAB Legislation as “Detrimental” to Pakistan

    0 shares
    Share 0 Tweet 0
  • Govt Revives Plan to Relocate GHQ from Rawalpindi to Islamabad

    0 shares
    Share 0 Tweet 0
  • Governor Balochistan appreciated Pakistan Canoeing team performance in International Championship Italy.

    0 shares
    Share 0 Tweet 0
Times of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • PML-N Describes NAB Legislation as “Detrimental” to Pakistan
  • Journalist Imran Riaz Khan Safely Returns Home After Four-Month Absence
  • IMF rejects interim govt’s power bill relief plan

Times Of Pakistan © 2021. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In