Connect with us

Foreign News

Saudi Arabia Announces Cash, Oil Boost for Pakistan’s Ailing Economy

Published

on

Share

Saudi Arabia will deposit three billion dollars in Pakistan’s central bank and provide oil on defer payments to help the country overcome a deepening economic crisis, officials said on Wednesday.

Pakistan’s Information Minister, Fawad Chaudhry said the money from the Islamic Kingdom will be used to maintain central bank’s depleting reserves at a safe level.

Riyadh will also provide Pakistan a 1.

2-billion-dollar-a-year lifeline to buy oil on defer payments to cover one of the main imports of the country that is facing a balance of payment crisis.

Pakistan’s Foreign Ministry said the assistance was agreed as Pakistan’s Prime Minister, Imran Khan’s last weekend visited Saudi Arabia and met with Crown Prince Mohamed bin Salman.

The agreement came as a boost for Pakistan after the country’s negotiations with the International Monetary Fund (IMF) to revive a 6-billion-dollar bailout package ran into trouble due to lack of progress on a reforms deal.

The IMF has been pushing Pakistan to fix a market-based exchange rate that saw a freefall of the local currency from 153 a rupee against a dollar in May to 175 on Tuesday.

However, the currency depreciation coupled with a record increase in energy prices pushed the inflation beyond 10 per cent last week.

“That triggered political protests and the continuous decline of main index on the stock exchange,” the officials said.

Saudi Arabia and Pakistan, both Sunni-majority muslim countries, have been allies for decades but the relations were strained in recent years.

In 2018 Riyadh announced the same package for Islamabad but it did not materialise after Pakistan warmed up to Turkey and Malaysia, two Islamic nations Saudis consider rivals. (NAN)

Foreign News

Trescothick Eager to Keep England Job Despite Hussey Approach after Pakistan Win

Published

on

Share

Marcus Trescothick has insisted he wants to continue working with England’s Test team even though Mike Hussey has revealed an approach by incoming head coach Stephen Fleming to effectively replace him.

Trescothick has been a member of England’s backroom staff since 2021 and is currently leading the Test side on an interim basis ahead of Fleming’s arrival.

Former opening batsman Trescothick and returning captain Joe Root oversaw an innings and 103-run thrashing of Pakistan in the first Test at Headingley on Friday as the hosts went 1-0 up in a three-match series.

Former Australia international Hussey has said he is considering an offer to work as England’s Test batting coach, effectively Trescothick’s role, after being approached by Fleming, his former boss at Chennai Super Kings.

“I’d love to carry on, of course,” said Trescothick.

The 50-year-old, a member of England’s 2005 Ashes-winning team, added: “I’ve a huge amount of respect for Stephen and what he’s done in the game, he was a fantastic captain and leader, and has done a brilliant job doing what he’s done as a coach.

“It’s really not in my job (description) or position to judge that. We’ll wait until we get the tap on the shoulder.”

Continue Reading

Foreign News

Iran’s President Says US Memorandum Best Path Out of Stalled War

Published

on

Share

Iranian President Masoud Pezeshkian defended a recent memorandum of understanding as the best way for the country to move beyond what he described as a situation of “neither war nor peace.

In a speech published by state-run IRNA early on Sunday, he said members of Iran’s Supreme National Security Council believed the memorandum represented the best possible agreement based on what he described as dignity, wisdom and the national interest.

“There is not a single provision in this agreement that amounts to capitulation,” Pezeshkian said. “The supreme leader sets the policies, and we will follow that path.

The deal known as the Memorandum of Understanding that US President Donald Trump signed in June set an ambitious 60-day deadline for ending the war with Iran and reaching an accord on its nuclear program. That period ended last week, but the two sides remain far apart, with no signs of compromise on the crucial issue of reopening the Strait of Hormuz, vital to global shipping.

Pezeshkian also linked the agreement to Iran’s economic prospects, saying the country could not attract investment in this stalled phase.

“Capital and money are extremely sensitive to risk,” he said. “We have to remove this risk from the country.”

Nearly six months into the war with the United States and Israel, the Iranian economy is suffering under sanctions and a naval blockade.

Pezeshkian acknowledged that his country’s citizens face “many problems,” after the United States launched a new wave of sanctions seeking to further isolate its economy.

“I understand we have many problems in society right now. We are trying to prevent these as much as we can,” Pezeshkian said.

Pezeshkian said that, thanks to Trump, Iran was “in a full-scale economic, military and security war.”

“He says he is imposing the most crushing and terrifying sanctions on Iran,” Pezeshkian said.

Meanwhile, the hard-line new leader of Iran’s Supreme National Security Council warned Tehran’s neighbors against joining the new US effort to hurt Iran’s economy.

“If (Trump) wants to do something, we will retaliate in a seismic manner,” Mohsen Rezaei said in an interview with the state broadcaster that aired Saturday.

Rezaei was named this month as part of senior appointments widely seen as hardening Tehran’s political and military stance. His interview with IRIB is his most extensive public statement since then.

Rezaei said Iran would target oil-shipping routes out of the Persian Gulf — alternatives to the Strait of Hormuz — if neighbors join what he described as the economic war against Iran.

Trump in the past week has vowed to increase Iran’s pain by imposing an “unprecedented” level of economic warfare and isolation. Iran has lived under sanctions for years.

Continue Reading

Foreign News

Iran FM, Pakistan Military Chief Discuss Regional Devts as US Eyes New Tehran Sanctions

Published

on

Share

Iran’s Foreign Minister Abbas Araghchi and Pakistan’s defense forces chief, Field Marshal Asim Munir, discussed regional developments and efforts to advance diplomatic solutions, Iranian state media reported on Sunday, as Washington plans to announce new sanctions targeting Tehran.

After nearly six months of war since the US and Israel launched airstrikes against Iran on February 28, the sides are not firing at each other but also showing no sign of pursuing peace talks.

Oil shipments are at a virtual standstill in the Strait of Hormuz, with Tehran threatening to strike any unauthorized oil tankers that try to transit the vital waterway, and Iran’s economy is already under immense pressure from sanctions.

Pakistan, which helped broker an interim US-Iran peace deal in June, has been engaged with the leaderships of the US and Iran in efforts to broker peace between the two countries since their conflict broke out in February this year.

“During the telephone conversation, both sides reviewed the latest regional developments and discussed various dimensions of the current situation,” Iran’s state-run IRNA new agency reported, following telephonic conversation between FM Araghchi and Field Marshal Munir.

“The two sides also exchanged views on diplomatic trends, ongoing efforts to advance political and diplomatic solutions, and ways to enhance bilateral consultations and cooperation.”

This is the second time Araghchi has spoken to Munir, who emerged as a key figure in US-Iran negotiations, about regional developments in less than a week.

The development comes after US Treasury Secretary Scott Bessent threatened “the toughest sanctions in history” on Iran. He has also urged cooperation with Washington by China, which buys more than 80 percent of Iran’s shipped oil, according to 2025 data from ‌analytics firm Kpler. ‌Beijing has urged diplomacy.

Iran’s Foreign Ministry spokesperson, Esmaeil Baghaei, said on Saturday the imminent US announcement of ‌new ⁠economic sanctions was an “assertion ⁠of extraterritorial sovereignty over every independent member state of the United Nations.”

The US-Iran war has driven oil prices higher and created inflationary pressures, especially for countries like Pakistan who heavily depend on the Middle East for their fuel needs. Iran has frequently attacked its neighbors in its Gulf region since the war began, firing missiles and carrying out drone attacks the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar and other countries.

Islamabad has repeatedly called for diplomacy to resolve the conflict and said last week it was making “all-out efforts” through direct and indirect channels to bring Washington and Tehran back to the negotiating table.

Continue Reading

Advertisement

Top Stories

DEFENCE2 days ago

Troops Rescue 54 Kidnap Victims, Neutralises 22 Terrorists in One Week – DHQ

ShareBy David Torough, Abuja The Armed Forces of Nigeria rescued at least 54 kidnapped victims and neutralised 22 terrorists during...

NEWS2 days ago

Tinubu Orders Forensic Audit of IPPIS, Federal Agencies Over Ghost Workers, Payroll Fraud

ShareBy David Torough, Abuja President Bola Tinubu has approved a comprehensive forensic audit of the Federal Government’s personnel, payroll and...

NEWS2 days ago

RMAFC, NEITI Collaborate to Boost Transparency in Revenue Generation

ShareBy Tony Obiechina, Abuja The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu has...

NEWS2 days ago

Nigeria’s Capital Market Upgraded to Global Frontier Status after Classification

ShareBy Tony Obiechina, Abuja Nigeria’s capital market has been upgraded from “Unclassified” to “Frontier Market” status by global index provider,...

NEWS3 days ago

Electricity Distributors’ Association Decries Outstanding Debts by MDAs

ShareThe Association of Nigerian Electricity Distributors (ANED) has raised concerns over outstanding electricity debts owed by government Ministries, Departments and...

Afreximbank Afreximbank
BUSINESS3 days ago

Afreximbank Records 30 Per Cent Rise Net Income for First Half 2026

ShareThe African Export-Import Bank (Afreximbank) and its subsidiaries (the Group) recorded a 30 per cent increase in net income to...

NEWS3 days ago

CBN Sells N700bn Treasury Bills in Second August Auction

ShareBy Tony Obiechina, Abuja The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), has offered...

NEWS3 days ago

Niger FRSC Records 234 Crashes, 110 Deaths in Seven Months

ShareFrom Dan Amasingha, Minna Ten people have been killed and several others injured in a fatal road crash involving a...

NEWS3 days ago

Fuel Subsidy War Deepens as Presidency, Atiku Clash Again over Policy

ShareBy David Torough, Abuja The political battle over Nigeria’s petrol subsidy regime has intensified, with the Presidency and former Vice-President...

NEWS3 days ago

The Man Behind ‘The Ultimate Commander’: A Birthday Tribute to Ambassador Osita Offor

ShareBy David Torough, Abuja Ambassador Osita Offor, popularly known as “The Ultimate Commander,” is being celebrated today for his vision,...