Saudi Arabia finalizing extension of $3 billion deposit to Pakistan — finance minister

Pakistani customers enter a foreign currency exchange shop in Karachi, Pakistan, on October 14, 2010. (AFP/File)
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Updated 25 May 2022
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Saudi Arabia finalizing extension of $3 billion deposit to Pakistan — finance minister

  • Mohammed Al-Jadaan says Pakistan is a key ally and the kingdom will stand behind the South Asian nation
  • On May 1, both countries said they would discuss possibility of supporting deposit by extending its term

DAVOS: Saudi Arabia is finalizing the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed Al-Jadaan told Reuters.

“We are currently finalizing extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos.




Saudi Minister of Finance Mohammed Al-Jadaan speaks at the World Economic Forum in Davos, Switzerland, on May 23, 2022. (WEF/File)

Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank to help support its foreign reserves.

Al-Jadaan did not offer further details, but on May 1 the two countries said in a joint statement that they would discuss the possibility of supporting the deposit by extending its term “or through other options.”

Pakistan is in dire need of external finances, hurt by high inflation, reserves declining to as low as less than two months’ of imports, and a fast-weakening currency.

Al-Jadaan said Pakistan was an important ally and the kingdom would stand behind the South Asian nation.

Uncertainty over the revival of an International Monetary Fund program has compounded volatility in the economy and markets amid a political crisis since a new government took over last month from ousted Prime Minister Imran Khan.


’Super Flu’: Pakistan confirms presence of fast-spreading H3N2 influenza strain

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’Super Flu’: Pakistan confirms presence of fast-spreading H3N2 influenza strain

  • Health authorities say virus is not new but shows higher transmission rate
  • WHO reports global rise in seasonal influenza cases, especially in Europe

ISLAMABAD: Pakistani health authorities on Monday confirmed the presence of the H3N2 influenza strain, often referred to as a fast-spreading “super flu,” in the country, but stressed there was no cause for panic, saying the virus is not new and remains manageable with standard treatment and vaccination.

Officials said the strain is part of seasonal influenza viruses that circulate globally each year and has undergone genetic changes that make it spread more quickly, a pattern health experts say is common for influenza.

The confirmation comes as the World Health Organization (WHO) reports a global increase in seasonal influenza activity in recent months, with a growing proportion of influenza A(H3N2) cases detected, particularly across several European countries, including the United Kingdom.

“Yes, we have witnessed confirmed cases of H3N2 influenza (super Flu) in Pakistan since November this year. Out of total around 1,691 cases reported throughout Pakistan since last month, 12 percent are of the so called super flu,” Dr. Shafiq-Ur-Rahman, Senior Scientific Officer at Pakistan’s Center for Disease Control (CDC), told Arab News.

He said the virus had undergone a genetic drift, a gradual mutation that is typical of influenza viruses. 

“The symptoms are similar to other influenza strains, but speed of transmission is high for H3N2,” Rahman said, adding that treatment remains the same as for other flu types and vaccination is critical to limiting spread.

Seasonal influenza is an acute respiratory infection caused by influenza viruses that circulate year-round worldwide. The WHO has stressed that influenza continues to evolve through gradual genetic changes, making ongoing surveillance and regular vaccine updates essential.

Influenza spreads easily through droplets when infected people cough or sneeze. While most individuals recover within a week without medical treatment, the illness can range from mild to severe and may result in hospitalization or death, particularly among high-risk groups such as young children, older adults, pregnant women and people with underlying health conditions.

Doctors say early symptoms of the flu can resemble those of the common cold, but the progression often differs. Colds typically develop gradually, beginning with a runny or blocked nose, sneezing and sore throat, followed by mild coughing and fatigue.

Flu symptoms, however, tend to appear suddenly and more intensely, with patients often experiencing high fever, extreme tiredness, body aches, headaches and a dry cough.

Health experts say this abrupt and severe onset is usually the clearest indication that an illness is influenza rather than a common cold, which is generally milder and slower to develop.