Cash-strapped Pak gets $8-bn aid from Saudi Arabia

PTI

Islamabad, May 1

Saudi Arabia has agreed to provide Pakistan with a "sizeable package" of around USD 8 billion to help the cash-starved country bolster dwindling forex reserves and revive its ailing economy, a media report said on Sunday.

Pakistan has faced growing economic challenges, with high inflation, sliding forex reserves, a widening current account deficit and a depreciating currency. Pakistan secured the deal during the visit of Prime Minister Shehbaz Sharif to Saudi Arabia. The financial package includes doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing USD 4.2 billion facilities, a newspaper reported.

"However, technical details are being worked out and it will take a couple of weeks to get all documents ready," the report said, citing top official sources privy to the development. Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still in the Gulf country. — PTI

FIR against Imran, 150 0thers

Lahore: A case under stringent blasphemy laws was registered against Pakistan's ousted premier Imran Khan and 150 others, including some members of his former cabinet, in connection with the hounding of PM Shehbaz Sharif and his delegation at Masjid-e-Nabwi in Saudi Arabia.

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