In the first month (July 2023) of the current fiscal year, Pakistan’s total foreign loans increased to USD 2.8 billion as a result of additional USD 2 billion time deposits from the Kingdom of Saudi Arabia (KSA) and USD 508 million in guaranteed loans from China for the Pakistan Air Force to purchase “Dragon” multirole fighter aircraft. These two substantial foreign loans helped raise foreign loans in July 2023 to USD 2.8 billion from a paltry USD 185 million in the same month the previous year (2022). Pakistan also received $100 million from the KSA in the shape of an oil facility in July 2023. All of these influxes of dollars helped Islamabad build up its foreign exchange reserves held by the State Bank of Pakistan (SBP).
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Siddaramaiah vows legal fight after court orders MUDA scam probe
Karnataka Chief Minister Siddaramaiah on Wednesday put up a brave face after a Special Court in Bengaluru passed an order directing Karnataka Lokyukta to conduct an investigation against him on the alleged MUDA land allotment scam.
Delhi HC rejects Christian Michel's bail in Agusta westland scam
In the Rs 3,600-crore AgustaWestland chopper scam case, the Delhi High Court on Wednesday rejected the bail plea of British national Christian Michel James, the alleged middleman in the scam.
Leading earthing products manufacturer in India revolutionizes electrical safety
Uprotec Group, a leading manufacturer and exporter of high-quality earthing products, has announced the successful implementation of its state-of-the-art earthing and lightning protection systems at a major manufacturing facility.
SENSEX TOPS 85,000, NIFTY SURPASSES 26.000 IN MARKET RALLY
Stock indices in India continued to march ahead, touching fresh highs on Wednesday.
DMK Cabinet reshuffle prioritizes leaders over Tamil Nadu: BJP
Amid the speculation of Tamil Nadu sports minister Udhayanidhi Stalin's elevation as deputy chief minister, BJP's Tamil Nadu unit has alleged that the DMK government's planned cabinet reshuffle is a mere deception, prioritizing leaders' interests over Tamil Nadu's welfare.
JHARKHAND CM SOREN URGES PM MODI TO RELEASE FUNDS
Jharkhand Chief Minister Hemant Soren has written to Prime Minister Narendra Modi, urging the Central government to release dues to the tune of Rs 1,36,042 crore pending as of March 2022 payable to the state exchequer from the coal companies operating in Jharkhand.
Paisabazaar aims for 50% share in home loan disbursals
Paisabazaar, India's leading marketplace for consumer credit and free credit score platform, is strongly focussing on scaling its Home Loans and other secured loan products, with an aim to take the share of secured loan disbursals to 50% of total disbursals through the platform.
Aayush Wellness Ltd Reports record growth and expansion in booming herbal and nutraceutical markets
Aayush Wellness Ltd (BSE: I 539528), a trailblazer in the health and wellness sector, has announced remarkable financial results, achieving a staggering 6300 per cent revenue growth yearon-year.
The Evolution of Beverage Automation: Godrej Enterprises Group's role
Stepping into any modern workspace, you'll notice that coffee breaks are not just about sipping a quick cup of coffee anymore.
'Saudi Welcome to Arabia' rolls out the lavender carpet for India
Saudi's national tourism brand, Saudi Welcome to Arabia, has kickstarted its first-ever immersive event 'Spectacular Saudi' in Mumbai, Maharashtra.
