Pakistan gets green signal for $8bn package from friendly countries

ISLAMABAD: Pakistan has been given a green signal by friendly countries to provide investment and funding, ARY News reported on Friday, quoting well-placed sources.

According to sources within the finance ministry, there have been positive indications of an economic package worth $8 billion from friendly countries, among these friendly countries China, Saudi Arabia, United Arab Emirates, and Qatar are leading.

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They further say that significant progress has been made in the negotiations between Pakistan and Saudi Arabia, and there is a possibility of doubling the oil facility on deferred payment from Saudi Arabia.

The oil facility will increase from 1.2 billion dollars to 2.4 billion dollars, there is also a possibility of getting safe deposits from Saudi Arabia.

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Minister of State Ayesha Ghous Pasha said that the brotherly country has informed Pakistan in this regard, but the official announcement will be made by it.

Read more: Foreign exchange: SBP reserves down $190m to $8.38b

She said China has so far rolled over $4.3 billion in debt, including $2.3 billion in commercial loans and $2 billion in deposits.

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Meanwhile, foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $190 million during the week ended on July 29.

Sharing a break-up of the foreign reserves position, the central bank said that the reserves held by the State Bank of Pakistan stand at $8,385.4 million.

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