HomeWorldPakistanSouth Arabia to extend $3 billion deposit for Pakistan this week

South Arabia to extend $3 billion deposit for Pakistan this week

Saudi Crown Prince Mohammed bin Salman met with Pakistani Prime Minister Shehbaz Sharif. arrival in Jeddah, Saudi Arabia, on April 29, 2022. Photo: Agencies

Riyadh, Saudi Arabia plans renew its $3 billion deposit in assistance to Pakistan as the South Asian nation hopes to curb in one of Asia highest inflation rates and stagnation off a current- account crisis, according to people habitual with cause.

Ministry of Finance of Saudi Arabia plans renew its $3 billion deposit with National Bank of pakistan as soon like this week, the sources said, asking not to be named in the discussion private discussions, according to Bloomberg. on Saturday.

Kingdom also plans provide $100 million per month for 10 months in petroleum products to be provided as additional support sources added.

Pakistan’s funding gap has been covered after the kingdom made a commitment, sources said, adding that the guarantee will pave the way way for approval of the International Monetary Fund loan at the end of month. Saudi Arabia is coordinating with IMF to ensure that Pakistan is fully supported, one of sources said. The obligation may be announced inside next two days said one of sources. Representatives for The Ministry of Finance of Saudi Arabia and Pakistan did not immediately respond to reports asking comment.

The aid comes as the IMF is trying to assess Saudi Arabia’s commitment to financing Pakistan before the multilateral lender releases new funds to the South Asian nation. Bloomberg reported in July, when the IMF wanted to ensure what Saudi Arabia will follow through with as much as 4 billion dollars in Pakistan funding for ensure Islamabad has no financing gap after the IMF loan.

Saudi Arabia extended support several times to Pakistan. He pledged $4.2 billion. in aid to Pakistan former prime minister, Imran Khan visited the kingdom. This included a deposit of $3 billion with National Bank of Pakistan in help Coast up its reserves and the possibility of financing oil derivatives trade worth $1.2 billion during year.

Saudi Arabia discusses extension term of his $3 billion deposit with Pakistan when Prime Minister Shehbaz Sharif met Crown Prince of the Kingdom Mohammed bin Salman in May.

Mehtab Hyder adds from Islamabad: the day before of 75 years old of economic journey of Pakistan, government shared a roadmap based on a nine-point agenda for ensuring sustainable and inclusive economic growth, including ensuring structural changes by focusing on export growth instead of import substitution.

“Pakistan has made significant progress despite of a lot of challenges that he has faced. The nation was able transform himself semi-industrial economy and hub for business activity,” the statement said. in in first- ever, but a detailed report entitled “75-year economic path of Pakistan” issued by the Ministry of of Finance just a day ahead on happening of Independence Day of Pakistan on Saturday.

The report states that the country’s GDP growth stood at 1.8 percent in 1950, which has now increased to 5.97. percent in 2022.

The per capita income in Pakistan was $86. in 1950 that’s jumped now up up to 1798 dollars in 2022. Size of Pakistan economy hovered around $3 billion in 1950, which increased to $383 billion. in 2022. The country’s exports amounted to $163.9 million. in 1949, which has now jumped up up to 32.5 billion dollars. The country’s imports amounted to $355.5 million. in 1949, which has now increased to $72 billion. in 2022. The report highlights the green revolution, construction of Tarbela dam, industrialization phase separation of East Pakistan, building of national roads, nuclear explosion in 1998, Islamic banking, women in the China-Pakistan Economic Corridor (CPEC) parliament and moving in the direction digital Pakistan.

It states that the nine-point agenda included securing a structural changes by focusing on export growth instead of import substitution, increase in GDP growth up to 6-7 percent in medium term maintain growth rate over medium and long term without creating pressure on balance of payments, reduce poverty through high and inclusive growth and strengthening social safety nets to improve tourism and information technologyimprove the investment climate and attract domestic and foreign investment through effective implementation on investment promotion strategyestablish special economic zones with emphasis on export promotion, import substitution and job creation make youth strong of nation through various youth skills development program and realize these goals, short-medium and long-term term economic programs underway for all sectors of in the economy including agriculture, industry and services.

The bottom line is that the aspiration is to put economy on a higher growth trajectory through higher investment, efficiency and productivity improvement.

Bye dwelling due to historical achievements, the report states that the prevalence of of poverty was 40.24 percent in 1963-64 but now reduced up to 21.9 percent in 2018-19 despite change in methodology on more comprehensive framework by calculating poverty on the foundation of cost of basic needs.

Numbers of wage labor force increased from 16.24 million in 1963-64 to 67.25 million in 2020-21. The size of population amounted to 65.3 million. in 1972, which has now increased to 207.7 million. on the foundation of last population census in 2017. Estimated that now population could have affected 227 million in 2022. total amount of registered vehicles stood at the level of 31 892 in 1947, which to date has affected 32.4 million in 2021. total amount of phone and mobile users stood at 15200 in 1947, the number of which has now reached 194.2 million. in 2021. Life expectancy is now 67.4 years. in Pakistan.

Health care spending was just skimpy and cost Rs. one million in 1947, which has now reached 657.185 billion. in 2020-21. Child mortality rate stood at the level of 150-180 per thousand, and now it has increased to 58.8 per thousand in 2021. Number of public branch hospitals were just 292 in 1947, which has now been extended to 1276. in 2021. Number of universities were just 2 in 1947, which now stood at 233 universities in 2021.

Total number of Graduate Colleges Reach 40 in 1959-60, which has now increased to 3872 people. in 2021. total amount of technical and professional institutions were just 46 in 1947-48, which has now increased to 3914 people. in 2020-21. Number of elementary schools were just 8.4 thousand in 1947-48, which by now have increased to 187.9 thousand. in 2021.

Employment in universities have touched 2,000,000 now. General literacy in country increased from 16.4 percent in from 1951 to 68.2 percent in 2020-21. Remittances sent by Pakistanis living abroad amounted to just 0.14 billion in 1973 that’s jumped now up up to $31.2 billion in 2021. Foreign direct investment received by the country in full of $1.2 million in Fiscal year 1950 has now increased to $1,867.7 million. in 2022 financial year.

share of indirect taxes and direct taxes were 78 and 22 percent respectively in 1960s, which is now 39 percent direct taxes and 61 percent indirect taxes in 2020s. The size of public sector development program (PSDP) changed over years depending on available fiscal space but it was about 800 billion rupees. share of production at the beginning stood at 80 percent but now he stood at 65 percent. Wheat production amounted to 3.354 million tons. in 1948, which has now increased to 26.394 million tons. in 2022.

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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