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Saudi Arabia loaned Pakistan $1.5bn to shore up economy
[DAWN] Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... loaned $1.5 billion to Pakistain last month to help Islamabad shore up its foreign exchange reserves, meet debt-service obligations and undertake large energy and infrastructure projects, Pak officials have told Rooters. The Saudi assistance has contributed to a sharp recovery of the Pak rupee, which rose to a nine-month high of 97.40 from 105.40 against the dollar between March 4 and 12, its strongest rally in 30 years. "On a personal guarantee of the prime minister, Saudi Arabia has given $1.5 billion, which has helped bail out the rupee," one senior Pak government official close to the deal told Rooters, requesting anonymity as he was not authorised to disclose the source and purpose of the funding. The governor of the Saudi central bank declined to comment, and officials gave no details of the loan terms. Posted by: Fred 2014-03-14 |
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