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Saudi package

SBP receives $1bn Saudi assistance

KARACHI: The State Bank of Pakistan (SBP) on Monday received the first tranche of $1 billion under the balance of payment support from Saudi Arabia.  According to a SBP spokesperson, out of the promised $3bn Saudi assistance in foreign currency support, the central bank has received $1bn dollar, while the remaining amount of $2 billion is expected to reach in next few days. After the receipt of the amount, the country’s foreign exchange reserves have increased to more than $14 billion, said the spokesperson.…

Govt asked to apprise Senate of Saudi loan terms

ISLAMABAD: PPP leader and senator Sherry Rehman on Tuesday demanded of the PTI-led federal government to inform the Senate of the terms and conditions on which Saudi Arabia agreed to extend financial assistance to Pakistan to help it tide over the current economic difficulties. Speaking in the upper house of Parliament, the senator demanded that the government should disclose the terms on which the kingdom agreed to a rescue package for Pakistan. She further questioned on what basis Islamabad offered to play a role of…

PSX stocks bullish after Saudi economic package for Pakistan

KARACHI: Pakistan Stock Exchange (PSX) registered bullish trend as the benchmark 100-Index goes up by 1500 points on Wednesday. According to market sources, Prime Minister Imran Khan's visit to Saudi Kingdom and announcement of Saudi economic package for Pakistan is the major cause of positive sentiment in the PSX. Saudi Arabia on Tuesday stepped forward with a six billion US dollars economic package for Pakistan. The Saudi package includes $3bn balance of payments support and another $3bn in deferred payments for…