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.

Three Dozen passengers Killed In India's Rocky Region

NEW DELHI, India — (DP) crowded bus carrying passengers plunged into a deep ravine, killing at least 36 people and injuring many others, a government source informed media on Monday. The horrible incident occurred in Uttarakhand, a mountainous Indian state. According to state media officials, at least 60 passengers were onboard, the bus headed for Ramnagar from the Garhwal division in the northern state of India. As per witnesses, the terrible incident happened when a poorly maintained, speeding bus lost control and plunged into a ravine. The death toll is predicted to climb since the health of a few survivors is critical, officials added. State officials report that the state administration has launched an inquiry into the accident to determine the reason behind the tragedy. Deceased and injured were transported to the local government hospitals for postmortem and ministration, one of the rescue members said.

Dozens Killed In Pakistan After A Bus Plunged Into River

ISLAMABAD, Pakistan— (Daily Post)- On Tuesday afternoon at 1:00 PM, a passenger coaster carrying wedding party guests from Parishing, Astore, to Chakwal went off the bridge and plummeted into the river near Thalichi. The groom and his mother are among the 26 persons who died as a result of the catastrophe. According to authorities, just 14 victims' corpses were retrieved and brought to the Headquarters (DHQ) Hospital. Rescue efforts are still ongoing, and the only survivor, the wounded bride was taken to the hospital for treatment. The coaster hosted 27 people, and only the bride survived rest of the others drowned in deep water. The Pakistani town of Thalichi is situated in the Diamer district of Gilgit-Baltistan. President Mr: Asif Ali Zardari conveyed his sympathies and sadness to the victims' families.

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