Skip to content
Search

Latest Stories

Pakistan receives $3 billion from Saudi Arabia

Pakistan receives $3 billion from Saudi Arabia

PAKISTAN has received $3 billion (£2.2 bn) from Saudi Arabia as part of financial assistance sought from the kingdom to stabilise the country's economy, according to a senior government official.

The financial support to Pakistan comes more than a month after prime minister Imran Khan visited Riyadh and held talks with Crown Prince Mohammad bin Salman.


Following the talks, Saudi Arabia agreed to provide $4.2 bn (£3 bn) worth of assistance to Pakistan, out of which $3 bn was to be transferred as a deposit in Pakistan's central bank and also financing refined petroleum products with $1.2 bm (£900 million) during the year.

Shaukat Tarin, the prime minister’s adviser on finance and revenue, confirmed on Saturday (4) that the State Bank of Pakistan (SBP) received a $3 bn from Saudi Arabia.

It is expected to ease pressure on the Pakistani rupee and boost the foreign exchange reserves.

Last month, Pakistan's cabinet approved the deal, paving the way for the transfer of funds, which was followed by the SBP signing the agreement with the Saudi Fund for Development to receive the amount.

The help came when the Pakistan rupee reached an all-time low at 176 to the dollar and it is expected to improve the balance of payment which has been the main worry of the government.

In 2018, Saudi Arabia had provided $3 bn in cash deposits and promised a $3 bn oil facility to Pakistan to help its foreign exchange reserves.

However, as the bilateral relations deteriorated later, Islamabad had to return $2 bn (£1.5 bn) of the $3 bn deposits.

Pakistan announced in June this year that Saudi Arabia was about to make available $1.5 bn (£1.1 bn) oil facility per annum.

(PTI)

More For You

Trump

Trump said the suspect had been arrested earlier for 'terrible crimes,' including child sex abuse, grand theft auto and false imprisonment, but was released under the Biden administration because Cuba refused to take him back.

Getty Images

Trump says accused in Dallas motel beheading will face first-degree murder charge

US PRESIDENT Donald Trump has described Chandra Mouli “Bob” Nagamallaiah, the Indian-origin motel manager killed in Dallas, as a “well-respected person” and said the accused will face a first-degree murder charge.

Nagamallaiah, 50, was killed last week at the Downtown Suites motel by co-worker Yordanis Cobos-Martinez, a 37-year-old undocumented Cuban immigrant with a criminal history.

Keep ReadingShow less
Starmer Mandelson

Starmer talks with Mandelson during a welcome reception at the ambassador's residence on February 26, 2025 in Washington, DC.

Getty

Starmer under pressure from party MPs after Mandelson dismissal

PRIME MINISTER Keir Starmer is facing questions within the Labour party after the sacking of US ambassador Peter Mandelson.

Mandelson was removed last week after Bloomberg published emails showing messages of support he sent following Jeffrey Epstein’s conviction for sex offences. The dismissal comes just ahead of US president Donald Trump’s state visit.

Keep ReadingShow less
Nepal’s new leader pledges to act on Gen Z calls to end corruption

Officials greet newly-elected Prime Minister of Nepal's interim government Sushila Karki (R) as she arrives at the prime minister's office in Kathmandu on September 14, 2025. (Photo by PRABIN RANABHAT/AFP via Getty Images)

Nepal’s new leader pledges to act on Gen Z calls to end corruption

NEPAL’s new interim prime minister Sushila Karki on Sunday (14) pledged to act on protesters’ calls to end corruption and restore trust in government, as the country struggles with the aftermath of its worst political unrest in decades.

“We have to work according to the thinking of the Gen Z generation,” Karki said in her first address to the nation since taking office on Friday (12). “What this group is demanding is the end of corruption, good governance and economic equality. We will not stay here more than six months in any situation. We will complete our responsibilities and hand over to the next parliament and ministers.”

Keep ReadingShow less
UK secures £1.25bn US investment ahead of Trump’s visit

US president Donald Trump and UK prime minister Sir Keir Starmer arrive at Trump International Golf Links on July 28, 2025 in Balmedie, Scotland. (Photo by Jane Barlow-WPA Pool/Getty Images)

UK secures £1.25bn US investment ahead of Trump’s visit

THE British government has announced over £1.25 billion ($1.69bn) in fresh investment from major US financial firms, including PayPal, Bank of America, Citigroup and S&P Global, ahead of a state visit by president Donald Trump.

The investment is expected to create 1,800 jobs across London, Edinburgh, Belfast and Manchester, and deepen transatlantic financial ties, the Department for Business and Trade said.

Keep ReadingShow less
Nearly 150,000 join anti-migrant protest in London as clashes erupt

Protesters wave Union Jack and St George's England flags during the "Unite The Kingdom" rally on Westminster Bridge by the Houses of Parliament on September 13, 2025 in London, England. (Photo by Christopher Furlong/Getty Images)

Nearly 150,000 join anti-migrant protest in London as clashes erupt

MORE THAN 100,000 protesters marched through central London on Saturday (13), carrying flags of England and Britain and scuffling with police in one of the UK's biggest right-wing demonstrations of modern times.

London's Metropolitan Police said the "Unite the Kingdom" march, organised by anti-immigrant activist Tommy Robinson, was attended by nearly 150,000 people, who were kept apart from a "Stand Up to Racism" counter-protest attended by around 5,000.

Keep ReadingShow less