IMF team arrives in Pakistan for bailout review 

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., on September 4, 2018. (REUTERS/File)
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Updated 13 March 2024
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IMF team arrives in Pakistan for bailout review 

  • Mission coming for a second and last review of a $3 billion standby arrangement
  • Pakistan’s new PM has already directed finance minister to negotiate new deal 

ISLAMABAD: An International Monetary Fund (IMF) mission is arriving in Pakistan on Wednesday for a second and last review of a $3 billion standby arrangement, two sources said.

The four-day review begins on Thursday, said the two finance ministry officials, who were speaking on condition of anonymity because they were not authorized to disclose the information.

Islamabad secured the last-gasped rescue package last summer to avert a sovereign default.

The last review, if successful, will release a tranche of around $1.1 billion.

Prime Minister Shehbaz Sharif has already directed his finance team, headed by newly installed Finance Minister Muhammad Aurangzeb to initiate work on seeking an Extended Fund Facility (EFF) after the standby arrangement expires on April 11.

Aurangzeb told reporters that the team was arriving this week, without mentioning a date, according to the Dawn daily.

The lender has said it will formulate a medium-term program if Islamabad applies for one. 


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.