KARACHI – Hours after Saudi Arabia agreed to provide the breathing space to Pakistan in economic crisis, a certainty is being observed in the market today as the Pakistan Stock Exchange (PSX) is on an upward trajectory in early hours trading.
The KSE-100 index, which closed in red by plunging 630.52 points to settle at 37,714.90 on Tuesday, has gained 1445.84 points within an hour after the market opened.
The current index stands at 39,160.74 points with 3.83 percent change after the investors showed interest in the market after days-long bearish trend.
On Tuesday, Saudi Arabia agreed to loan Pakistan $3 billion for one year as a balance of payment support and to provide a one-year deferred payment facility for oil payments, up to $3 billion, Foreign Office said on Tuesday.
https://en.dailypakistan.com.pk/headline/saudi-arabia-agrees-to-loan-pakistan-3-billion-as-balance-of-payment-support-for-one-year/
According to a press release issued by the foreign office, Prime Minister’s visit to Saudi Arabia has resulted in significant understandings between Pakistan and Saudi Arabia.
It said Saudi Arabia will place a deposit of $3 billion for a period of one year as a balance of payment support.
It was also agreed that a one-year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.
“At the invitation of the Custodian of the Two Holy Mosques, His Majesty, King Salman bin Abdulaziz, the Prime Minister of the Islamic Republic of Pakistan, PM Imran Khan visited Saudi Arabia to participate in the Future Investment Initiative (FII) Conference on 22-23 October 2018,” according to the foreign office.
