KSA Provided $2 Billion In Financial Assistance To Pakistan

Pakistan received US$2 billion in financial aid from Saudi Arabia before the International Monetary Fund (IMF) made a final decision on a bailout plan for the US dollar-strapped South Asian country.

Ishaq Dar, Pakistan's finance minister, tweeted on July 11 that the State Bank of Pakistan (SBP) had received a $2 billion deposit from the Kingdom of Saudi Arabia.

"This inflow increases the foreign exchange reserves held by SBP and will therefore be reflected in the foreign exchange reserves for the week ending July 14," he added.

The benchmark Pakistan Stock Exchange (PSX) index KSE-100 rose 1.28% on July 11 amid reports of capital injections from Saudi Arabia.

The IMF board of directors is expected to approve Pakistan's $3 billion nine-month standby arrangement on Wednesday.

Pakistan, a net importer of crude oil and petrochemicals, was on the brink of bankruptcy when it received IMF staff approval for a bailout on June 30, just before the Enhanced Financing Facility (EFF) with multinationals expired.

The approval of the IMF Board will result in an immediate disbursement of $1.2 billion. The remaining $1.8 billion is expected to be paid in November 2023 and February 2024, after review.

At a conference in Switzerland in January this year, representatives of some 40 countries, as well as individual donors and international financial institutions, appealed for funds to help Pakistan meet nearly half the cost of rebuilding after a year of devastating floods that hit the country.

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9 Dead After Vehicles Came Under Terrorists Attack In Afghanistan

Afghanistan, (Daily Post). Insurgents attacked two vans in the northern Afghan city of Mazar-e-Sharif on Thursday, killing at least nine people. "The bombs were installed inside the vans; as a result of those blasts, nine people were killed and 13 were injured," Mohammad Asif Waziri, the commander of Mazar-e-Sharif, said. The local Shi'ite community operated and used the public transportation vans, he added. The Shiite Muslim Hazara community, a minority Muslim sect in Afghanistan, is often attacked by armed groups, including the Islamic State. The Taliban, who seized power following NATO's withdrawal, claimed earlier this week that they had eliminated the majority of the Islamic State's presence in Afghanistan. Despite the Taliban claims, attacks on Shia Muslims continue in many parts of the country.

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