Skip to content
Search

Latest Stories

Pakistan, Saudi Arabia set to sign deal for $2 billion deposits

The assistance from Saudi Arabia comes at a crucial time as the IMF programme, signed in 2019, will expire on June 30, 2023

Pakistan, Saudi Arabia set to sign deal for $2 billion deposits

Pakistan is set to sign a deal for additional deposits of $2 billion from Saudi Arabia, authorities said on Saturday (22), a move that will help the country secure the much-required bailout from the IMF.

In March, Pakistan sought Saudi Arabia's confirmation for funds to secure an IMF deal. Earlier this month Pakistan got Riyadh's nod for additional funding.

The assistance from Saudi Arabia comes at a crucial time as the IMF programme, signed in 2019, will expire on June 30, 2023. The programme cannot be extended beyond the deadline.

The Washington-based crisis lender has imposed the condition on Pakistan that it should secure $3 bn from other countries for the revival of its $7 bn bailout package.

A top government official told The News International that the State Bank of Pakistan would sign a deal with the Saudi Fund for Development (SFD) for an additional $2 bn deposit.

The official added that Saudi Arabia has confirmed the bilateral assistance support to the International Monetary Fund (IMF), which was also acknowledged by the lender's staff, the report said.

This agreement is the follow-up on the confirmation of additional financial support of $2 bn and $1 billion from the kingdom and the UAE, the official added.

Official sources clarified that Pakistan neither made any fresh request for more support from Saudi Arabia nor the UAE, except for the already confirmed $2 bn and $1 bn by these countries, respectively.

Saudi Arabia had already rolled over $3 bn in deposits for one year, which matured on December 5, 2022. This deposit is part of foreign exchange reserves of $4.43 bn, lying with the State Bank of Pakistan.

In March, Pakistan received a rollover of $2 bn in deposits for a period of one year from its all-weather ally China.

Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves.

More For You

Imran Khan

Imran Khan has been held in Adiala Jail since August 2023 in several cases. (Photo: Getty Images)

Getty Images

Imran Khan may secure bail on 11 June, says party leader

FORMER prime minister Imran Khan, 72, is expected to seek bail in the Al-Qadir Trust case when the Islamabad High Court (IHC) hears petitions on 11 June to suspend the sentences handed to him and his wife Bushra Bibi.

Khan has been held in Adiala Jail since August 2023 in several cases. PTI chief Gohar Ali Khan told ARY News that “June 11 is going to be an important day for both Khan and his wife,” but he gave no further reason. The IHC had earlier adjourned the matter after the National Accountability Bureau (NAB) asked for more time to prepare its arguments.

Keep ReadingShow less
India’s Active Covid-19 Cases Exceed 6,000 as Infections Spike

Some states continue to report relatively low numbers

iStock

India’s active Covid-19 cases cross 6,000 mark as fresh infections rise

India’s total number of active COVID-19 cases has risen above 6,000, with health authorities reporting 358 new infections in the past 24 hours, according to the Ministry of Health and Family Welfare (MoHFW). While there were no Covid related deaths during this period, the increase in cases is prompting state-level monitoring and precautionary measures.

Current case load and recoveries

As of 8:00 a.m. on June 9, 2025, India has 6,491 active Covid-19 cases. The central health ministry confirmed that 358 fresh cases were detected in the last 24 hours, with no fatalities reported in the same timeframe.

Keep ReadingShow less
Zia-Yusuf-Getty

Yusuf, who resigned as Reform chairman last week before returning two days later, said he wanted to be 'crystal clear' on the party’s stance. (Photo: Getty Images)

Getty Images

Zia Yusuf says Reform will deport all illegal immigrants

ZIA YUSUF has said that Reform UK would deport every illegal immigrant in Britain if the party came to power.

Speaking to BBC Radio 4’s Today programme, Yusuf stated, “We will deport everybody who is here in this country illegally, which is roughly about 1.2 million people.”

Keep ReadingShow less
Abdullah Yaser Abdullah Al Yazidi

The teenager was walking along Staniforth Road in the Darnall area on Wednesday when a grey Audi reportedly hit an electric bike rider before striking Abdullah. (Photo credit: South Yorkshire Police)

South Yorkshire Police

Two charged with murder after boy, 16, dies in Sheffield crash

TWO men have been charged with murder and three counts of attempted murder after the death of a 16-year-old boy in an alleged hit-and-run in Sheffield.

Zulkernain Ahmed, 20, and Amaan Ahmed, 26, both from Locke Drive, have been charged over the death of Abdullah Yaser Abdullah Al Yazidi, according to South Yorkshire Police.

Keep ReadingShow less
Greta Thunberg Condemns Israel’s Blockade of Gaza Aid Ship

Israel had vowed in advance to prevent the ship from reaching Gaza

Getty Images

Greta Thunberg intercepted by Israel on her way to Gaza, sent back

Swedish climate activist Greta Thunberg was among a group of pro-Palestinian campaigners on board a Gaza-bound aid vessel intercepted by Israeli forces and diverted to its shores, the country’s Foreign Ministry confirmed on 9 June.

The ship, Madleen, was organised by the Freedom Flotilla Coalition, a group challenging Israel’s blockade of Gaza. It had departed Sicily on 1 June, carrying a dozen activists and a symbolic amount of humanitarian supplies.

Keep ReadingShow less