<p>
<strong>Finally there is good news for Pakistan. After Saudi Arabia agreed to renew the much needed $3 billion deposit for Pakistan, Islamabad is now expected to receive an additional $2.8 billion from the International Monetary Fund from the kingdom&rsquo;s quota of Special Drawing Rights (SDRs).</strong></p>
<p>
<strong>The IMF executive board is also expected to approve the release of $1.2 billion on August 29.</strong></p>
<p>
Pakistan based newspaper <a href="https://www.thenews.com.pk/print/982310-saudi-arabia-s-sdr-quota-pakistan-to-get-another-28bn-from-imf">the News</a> quoted unnamed sources saying that Saudi Arabia, which has traditionally been an ally of Islamabad, is likely to provide another $100 million a month for 10 months in petroleum products. This will be granted as additional support, the sources told the newspaper.</p>
<p>
Earlier the IMF wanted Pakistan&rsquo;s allies to commit to assist Islamabad, which is currently staring at a deepening economic crisis with foreign exchange reserves dropping below the $8 billion level. The annual inflation in July stood at 24.9 per cent — the highest since 2008. In June it was 21.3 per cent.</p>
<p>
&ldquo;The aid comes as the IMF has been looking to assess Saudi Arabia&rsquo;s commitment to financing Pakistan before the multilateral lender disburses fresh funds to the South Asian nation,&rdquo; the newspaper said.</p>
<p>
Pakistan is now hoping to receive an additional $2.8 billion from the IMF from Saudi Arabia&rsquo;s quota of Special Drawing Rights (SDRs).</p>
<p>
The development has provided the country&rsquo;s currency rupee a big push. After a steady fall, the currency made a strong recovery in August.</p>
<p>
Pakistan&rsquo;s Prime Minister Shehbaz Sharif during his Independence Day address on August 14 at the Jinnah Convention centre promised to transform the country&rsquo;s economy.</p>
<p>
Earlier, Pakistan&rsquo;s military chief, General Qamar Javed Bajwa too intervened and sought the US&rsquo; support in securing the IMF loan.</p>
<p>
Under former Prime Minister Imran Khan, Pakistan&rsquo;s relations with its allies including the Gulf countries and the US nosedived as he moved closer to China.&nbsp; &nbsp;</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/world-news/china-rattled-as-pakistan-moves-closer-to-us-190270.html">China rattled as Pakistan moves closer to US</a></strong></p>
Amid the disquiet in Israel over the rising tide of anti-Semitic protests in the US,…
In a major boost for firepower of its fighter aircraft fleet, the Indian Air Force…
Amid deadlock on ceasefire negotiations between Hamas and Israel, an Egyptian delegation has arrived in…
In a demonstration of solidarity and advocacy, the World Sindhi Congress (WSC) took centre stage…
In a recent video message, Sohail Abro, chairman of the Jeay Sindh Freedom Movement (JSFM),…
US Secretary of State Antony Blinken after concluding his three-day visit to China that he…