Skip to content Skip to Search
Skip navigation

Saudi Arabia plans to renew $3bn deposit to Pakistan

Creative Commons
Saudi Arabia plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support

Saudi Arabia is planning to renew its $3 billion (656 billion Pakistani rupee) deposit with the State Bank of Pakistan, Bloomberg reported, citing people familiar with the matter.

The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support, the news agency reported, expecting the announcement within two days.

Minister for Finance and Revenue Miftah Ismail has confirmed that the International Monetary Fund (IMF) Executive Board is expected to meet on August 29 to take up Pakistan’s request to release a tranche of $1.17 billion under the extended fund facility, The News daily newspaper also reported.

“We have received the Letter of Intent copy, and we will send it back to the IMF’s executive board on Monday,” the finance minister said.    

Latest articles

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]