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.


’Ugly’ England aim to spin their way to World Cup semis ahead of Pakistan clash 

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’Ugly’ England aim to spin their way to World Cup semis ahead of Pakistan clash 

  • England stuttered with the bat, finishing at 146-9 in their Super Eight clash against Sri Lanka last week
  •  A win over Pakistan today will be enough to see the 2010 and 2022 T20 World Cup champions into semis

SRI LANKA: England are yet to catch fire at the T20 World Cup, but they won’t mind one bit if another “ugly” win secures Harry Brook’s side a semifinal berth with a game to spare.

England bowled out Sri Lanka for 95 on Sunday to open their Super Eights campaign with a 51-run win.

With the Pakistan-New Zealand clash on Saturday being washed out, a win against Pakistan on Tuesday at the same stadium will be enough to see the 2010 and 2022 T20 World Cup champions into the last four.

England again stuttered with the bat and were restricted to 146-9 by Sri Lanka on Sunday.

“We know that we can play a lot better,” all-rounder Liam Dawson told reporters after the win, in comments only made public on Monday.

“But at the end of the day in tournament cricket, you just need to get the win, however ugly.”

England’s bowlers came to the rescue for the third time in the tournament, after also defending below-par totals against Nepal and Italy.

“The fight we’ve shown with the ball shows that this team is in a very good place,” said Dawson.

Pakistan possess a dangerous spin attack, featuring a unique weapon in Usman Tariq and his pronounced pause before he releases the ball.

But Dawson said England would fight fire with fire with their own potent slow-bowling arsenal.

England captain Brook also has speedster Jofra Archer, the hit-the-deck-hard Jamie Overton and left-arm swing bowler Sam Curran as the seam options.

England’s flexibility enabled Will Jacks to open the bowling with his off-spin on Sunday and destroy Sri Lanka’s top order.

He returned figures of 3-22 in tandem with Archer, who removed both opening batsmen, to leave Sri Lanka in tatters at 34-5 at the end of the six-over power play.

England’s variety offers Brook endless options, said Dawson who bowls left-arm spin, as does Jacob Bethell.

“We’re all very different types of spinners. Jacksy gets very good over-spin, very good bounce.

“Dilly (wrist spinner Adil Rashid) has all these variations and me, I’m probably more of a defensive spinner and that’s my role. I’m just trying to be consistent for the captain.

“Adil can use all of his tricks and he comes on to get wickets and get us back in games or put us ahead in games.

“Obviously, Jacks, he’s been brilliant. He’s exploited conditions here very well.

“And I think the way Brookie captained today was phenomenal, how he used us all differently.”

But Dawson cautioned that the wicket on Tuesday night could play very differently to the tacky slow track they encountered on Sunday, which had sweated under covers after days of rain in Kandy.

“Obviously, a different challenge on Tuesday at a night game. It could be a better wicket. We’ll have to wait and see what happens.”