Japan has recorded its biggest jump in consumer prices in over 7 years. Inflationary pressure is possible from fuel costs.

Japan's April consumer prices: Biggest jump in consumer prices in over 7 years

Sri Lanka is in a mess as they have run out of petrol, medicines and foreign reserves. The measures needed to pull the economy out of this crisis could bring even more pain.

Sri Lanka Economic Crisis: Sri Lanka has no Dollars to pay for Petrol shipments

Customers were turned away at gas stations after Sri Lanka ran out of money to purchase fuel. The new Prime Minister has proposed three bitter pills to revive the Lankan economy. Palki Sharma tells you more.

Gravitas: Sri Lanka runs out of money to buy fuel

Sri Lanka is going through a severe economic crisis. There is a shortage of essential commodities. Now, the Indian state of Tamil Nadu sent more assistance to Sri Lanka.

Indian state of Tamil Nadu sends essential commodities to Sri Lanka amid crisis

El Salvador created headlines when it decided to adopt cryptocurrencies as a legal tender. Now, amid the ongoing price fluctuations due to the volatile market what will happen to its economy if Bitcoin collapses completely?

Is Bitcoin crash going to impact El Salvador's economy?

The Pakistan government’s coalition partners on Tuesday decided that the current setup would complete its term that ends in August 2023 and supported tough decisions to revive the crippling economy.

Pak PM Sharif chairs allies meeting, coalition govt to stay in power till August 2023

A new clash point has developed in ongoing political crisis in Sri Lank and this time it is related with the naming of a new deputy speaker. Tensions have once again intensified over this vacant post.

Sri Lanka: Government, Opposition power struggle amid economic crisis

There is no end to the economic crisis in sight for Sri Lanka. Newly elected Sri Lankan PM says crisis to worsen before improving.

Sri Lanka's economic crisis: New Sri Lankan PM says crisis to worsen before improving

Sri Lankan citizens are rejecting their new Prime Minister amid the ongoing economic crisis in the Island nation. Protesters have vowed to continue the anti-government campaign.

Sri Lankan citizens reject new PM as protesters vow to continue the anti-government campaign

A leaked paper from the Russian finance ministry said the country's GDP will contract by 12%. The economic crisis could force Putin to rethink his war strategy. Palki Sharma tells you more.

Gravitas: Leaked paper hints at Russia's economic collapse

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&amp;P 500. Since the end of December last year, the index has dropped approximately 18 per cent.&nbsp; Following a 0.1 per cent fall on Thursday (May 12), the S&amp;P 500 is now just beyond bear market levels, that is 20 per cent drop from a recent closing high.&nbsp;

The Dow, which fell about 104 points, or 0.3 per cent, on Thursday (May 12), is down more than 13 per cent this year.

Also read |<a href="https://www.wionews.com/world/now-sec-probes-delayed-disclosure-of-elon-musks-initial-stake-in-twitter-says-report-478308">&nbsp;Now, SEC probes delayed disclosure of Elon Musk's initial stake in Twitter, says report</a>

Technology stocks have been hit very bad. The Nasdaq managed a small rise on Thursday, but it is still down 27 per cent this year, placing it in market territory, according to US media reports. The tech sector is responsible for about $3 trillion of the S&amp;P 500’s market cap decline.&nbsp;

As per the analysis from Bespoke Investment Group, a research firm, The Nasdaq has dropped more than 20 per cent in the last 30 trading days. According to the firm, a dip of that magnitude has only happened 11 times earlier, and nine of those declines were “related with recession.”

Watch |&nbsp;Gravitas: Worst day for global markets since June 2020

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Shares of many tech leaders such as Apple (AAPL), Microsoft (MSFT), Google owner Alphabet (GOOGL) and Tesla (TSLA) are all deeply in red. However, Netflix (NFLX) is the poorest performer in the S&amp;P 500 in 2022, down more than 70 per cent, CNN Business reported.&nbsp;

The sharp drop is alarming Main Street, which is concerned that the US economy is losing its speed after a remarkable rebound from the pandemic-induced recession.

Also read |&nbsp;<a href="https://www.wionews.com/world/biden-sets-inflation-agenda-discusses-end-to-china-tariffs-477964">Biden sets inflation agenda; discusses end to China tariffs</a>

Investors are now waiting for capitulation, the point at which it appears that everyone has completely given up. When sentiment appears to be at its lowest, it may be time to begin buying them again.&nbsp;

WATCH WION LIVE HERE:&nbsp;

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(With inputs from agencies) 
&nbsp;

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&P 500. Since the end of December last year, the index has dropped approximately 18 per cent.

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&P 500. Since the end of December last year, the index has dropped approximately 18 per cent. Following a 0.1 per cent fall on Thursday (May 12), the S&P 500 is now just beyond bear market levels, that is 20 per cent drop from a recent closing high. The Dow, which fell about 104 points, or 0.3 per cent, on Thursday (May 12), is down more than 13 per cent this year. Also read | Now, SEC probes delayed disclosure of Elon Musk's initial stake in Twitter, says report Technology stocks have been hit very bad. The Nasdaq managed a small rise on Thursday, but it is still down 27 per cent this year, placing it in market territory, according to US media reports. The tech sector is responsible for about $3 trillion of the S&P 500’s market cap decline. As per the analysis from Bespoke Investment Group, a research firm, The Nasdaq has dropped more than 20 per cent in the last 30 trading days. According to the firm, a dip of that magnitude has only happened 11 times earlier, and nine of those declines were “related with recession.” Watch | Gravitas: Worst day for global markets since June 2020 Shares of many tech leaders such as Apple (AAPL), Microsoft (MSFT), Google owner Alphabet (GOOGL) and Tesla (TSLA) are all deeply in red. However, Netflix (NFLX) is the poorest performer in the S&P 500 in 2022, down more than 70 per cent, CNN Business reported. The sharp drop is alarming Main Street, which is concerned that the US economy is losing its speed after a remarkable rebound from the pandemic-induced recession. Also read | Biden sets inflation agenda; discusses end to China tariffs Investors are now waiting for capitulation, the point at which it appears that everyone has completely given up. When sentiment appears to be at its lowest, it may be time to begin buying them again. WATCH WION LIVE HERE: (With inputs from agencies)

Big slump: US stock markets lost more than $7 trillion this year

Former Pakistan President and PPP leader Asif Ali Zardari has opposed the calls to hold early elections in the country to overcome political uncertainty that has marred the stock market and hindered economic revival.

PPP's Asif Ali Zardari opposes calls for early elections in Pakistan

India is currently undergoing a severe heat wave. With our limited resources, most of us try to prevent rising temperatures. However, even if the heat wave does not affect you, the economic consequences will. Summers with more heat mean more electricity demand. When we run out of coal, you'll notice more frequent power outages. There are other economic impacts of heatwave in India.

Watch | Economic impact of heatwave in India

In a recent update on the Sri Lanka crisis, an emergency has been declared in Sri Lanka for the second time since April. However, Lankans defy emergency to hold protests in Colombo.

Sri Lanka Economic Crisis: Protestors in Sri Lanka demand President's resignation

Sri Lanka under emergency again: Lankans defy emergency to hold protests in Colombo

Union Minister for Commerce and Industry Piyush Goyal on Friday said India is gradually moving towards becoming a high-technology manufacturing economy.

"Government is working to capitalise on demographic dividend to have investment-driven export-led growth with greater engagement with the rest of the world in years to come. Reduction in corporate tax rates, improving Ease of Doing Business, FDI policy reforms, reduction in compliance burden, PM Gati Shakti, Make in India, are some of the initiatives the Centre has taken to encourage investments," Goyal said while addressing an industry event virtually.

"Today, India is an island of stability amid ongoing global disturbances. Solid structural reforms, macro-economic stability, predictable policy and business-friendly reforms make India the world`s most open, investment-friendly economy," he said."Innovation has been one of the key themes of our Government, be it governance, welfare delivery, or entrepreneurship, we are constantly trying to reform and innovate," he added.

The minister said India`s overall exports are at an all-time high at near $675 billion with a record GST collection of Rs 1.68 lakh crore in last April and Manufacturing PMI at 54.7 and Services PMI at 57.9. All of these are reflective of the Indian economy`s revival.

"A closer look at the export trends indicates that the country is gradually moving towards becoming a high-class, high-technology manufacturing economy," he said.

Noting that a few days ago, India had hit a century of unicorns, the Minister congratulated all the startup entrepreneurs of the country for this unique feat. Speaking about recently concluded FTAs, Goyal said India-Canada Early Progress Trade Agreement, India-EU FTA, India-UK FTA are other trade deals with the developed nations are in pipeline.

The Minister noted that the India-UAE FTA will provide a large market to India`s labour-intensive exports and is expected to increase bilateral trade in goods to $100 billion. The India-Australia ECTA aims at boosting bilateral trade to $100 billion by 2030 from the current level of around $27.5 billion, he said.

"For the first time in a decade, we are making massive progress in trade deals with developed nations. FTAs are providing huge opportunities for businesses across the developed world and in India, to support each other`s economies, needs, to create jobs in a big measure. What we are looking for is a fair, equitable win-win transactions with all countries with whom we are expanding our engagements," he added.&nbsp;

Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

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Union Minister for Commerce and Industry Piyush Goyal on Friday said India is gradually moving towards becoming a high-technology manufacturing economy. "Government is working to capitalise on demographic dividend to have investment-driven export-led growth with greater engagement with the rest of the world in years to come.

Union Minister for Commerce and Industry Piyush Goyal on Friday said India is gradually moving towards becoming a high-technology manufacturing economy. "Government is working to capitalise on demographic dividend to have investment-driven export-led growth with greater engagement with the rest of the world in years to come. Reduction in corporate tax rates, improving Ease of Doing Business, FDI policy reforms, reduction in compliance burden, PM Gati Shakti, Make in India, are some of the initiatives the Centre has taken to encourage investments," Goyal said while addressing an industry event virtually. "Today, India is an island of stability amid ongoing global disturbances. Solid structural reforms, macro-economic stability, predictable policy and business-friendly reforms make India the world`s most open, investment-friendly economy," he said."Innovation has been one of the key themes of our Government, be it governance, welfare delivery, or entrepreneurship, we are constantly trying to reform and innovate," he added. The minister said India`s overall exports are at an all-time high at near $675 billion with a record GST collection of Rs 1.68 lakh crore in last April and Manufacturing PMI at 54.7 and Services PMI at 57.9. All of these are reflective of the Indian economy`s revival. "A closer look at the export trends indicates that the country is gradually moving towards becoming a high-class, high-technology manufacturing economy," he said. Noting that a few days ago, India had hit a century of unicorns, the Minister congratulated all the startup entrepreneurs of the country for this unique feat. Speaking about recently concluded FTAs, Goyal said India-Canada Early Progress Trade Agreement, India-EU FTA, India-UK FTA are other trade deals with the developed nations are in pipeline. The Minister noted that the India-UAE FTA will provide a large market to India`s labour-intensive exports and is expected to increase bilateral trade in goods to $100 billion. The India-Australia ECTA aims at boosting bilateral trade to $100 billion by 2030 from the current level of around $27.5 billion, he said. "For the first time in a decade, we are making massive progress in trade deals with developed nations. FTAs are providing huge opportunities for businesses across the developed world and in India, to support each other`s economies, needs, to create jobs in a big measure. What we are looking for is a fair, equitable win-win transactions with all countries with whom we are expanding our engagements," he added. Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

India moving towards becoming high-tech manufacturing economy: Piyush Goyal

Russia’s invasion in Ukraine has been escalating and the economic toll of it will be felt for the next many years to come as maintaining the military onslaught costs almost $900 million each day, as per reports citing experts.&nbsp;

This figure does not take into account the money Russia has lost as a result of the economic sanctions imposed on it due to the invasion. As per the White House, sanctions may continue even if Russia withdraws its soldiers.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/uk-deploys-8000-troops-to-europe-to-deter-russian-aggression-477036">UK deploys 8,000 troops to Europe to deter 'Russian aggression'</a>

Given its military strength, Russia was looking to overrun Ukraine in the invasion. But it has had little military success to date. Forces have battled to take control of Kyiv and other cities. As per Pentagon press secretary&nbsp;John Kirby, every move by Russian soldiers has been met with stiff resistance by the Ukrainian forces.&nbsp;

Watch |&nbsp;Gravitas: European Union states block sanctions on Russia oil

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Russia’s failures have come at a high cost to the country, both financially and in term of living standards as well, though the Kremlin has remained tight-lipped regarding military deaths.

As per the reports issued two weeks after the Russian president announced the conflict, it has cost the country $7 billion in direct costs.&nbsp;

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The collapse of the Russian rubble may take back the economy by up to 30 years, with predictions that Russia’s standard of living could be lowered for the next five years, reported CNBC.

(With inputs from agencies)

Russia’s invasion in Ukraine has been escalating and the economic toll of it will be felt for the next many years to come as maintaining the military onslaught costs almost $900 million each day, as per reports citing experts.

Russia’s invasion in Ukraine has been escalating and the economic toll of it will be felt for the next many years to come as maintaining the military onslaught costs almost $900 million each day, as per reports citing experts. This figure does not take into account the money Russia has lost as a result of the economic sanctions imposed on it due to the invasion. As per the White House, sanctions may continue even if Russia withdraws its soldiers. Also Read | UK deploys 8,000 troops to Europe to deter 'Russian aggression' Given its military strength, Russia was looking to overrun Ukraine in the invasion. But it has had little military success to date. Forces have battled to take control of Kyiv and other cities. As per Pentagon press secretary John Kirby, every move by Russian soldiers has been met with stiff resistance by the Ukrainian forces. Watch | Gravitas: European Union states block sanctions on Russia oil Russia’s failures have come at a high cost to the country, both financially and in term of living standards as well, though the Kremlin has remained tight-lipped regarding military deaths. As per the reports issued two weeks after the Russian president announced the conflict, it has cost the country $7 billion in direct costs. WATCH WION LIVE HERE: The collapse of the Russian rubble may take back the economy by up to 30 years, with predictions that Russia’s standard of living could be lowered for the next five years, reported CNBC. (With inputs from agencies)

Ukraine war: Russia shells out $900 million a day over 'special military operation'

Emergency declares in Sri Lanka: Politics of silence and confusion in Sri Lanka

The Federal Reserve on Wednesday announced its&nbsp;biggest&nbsp;rate&nbsp;hike&nbsp;since&nbsp;2000, with a half percentage point&nbsp;increase&nbsp;as it works to crush soaring US&nbsp;inflation.

With&nbsp;inflation&nbsp;at the highest&nbsp;rate&nbsp;in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the American people, expressing concern for the pain caused by rising prices, and pledging to use all available tools to bring them down.

But he told reporters he remains confident the economy is strong enough to withstand&nbsp;rate&nbsp;increases without tipping into a recession.

Also read |&nbsp;<a href="https://www.wionews.com/photos/from-recession-to-inflation-how-the-us-fed-has-dealt-with-crises-475472">From recession to inflation, how the US Fed has dealt with crisis</a>

After a quarter-point hike in March, the US&nbsp;central bank's policy-setting Federal Open Market Committee (FOMC) pushed the benchmark interest&nbsp;rate&nbsp;above 0.75 per cent as it works to cool the economy, and confirmed more increases "will be appropriate."

The hike will raise the costs of all types of borrowing, from mortgages to credit cards to car loans, cooling demand and business activity.

Inflation&nbsp;has become an overriding concern after the world's largest economy saw annual consumer prices surge 8.5 per cent over the 12 months to March,&nbsp;the&nbsp;biggest&nbsp;jump&nbsp;since&nbsp;December 1981.

Policymakers continue to believe&nbsp;inflation&nbsp;will gradually return to the&nbsp;Fed's two-percent target as it raises borrowing costs, but in a statement following the conclusion of its two-day meeting, the FOMC said it will be "highly attentive to&nbsp;inflation&nbsp;risks."

In an unusual move, Powell opened his news conference speaking to the American people.

"Inflation&nbsp;is much too high. And we understand the hardship that is causing," he said, promising to use all tools available to bring it down "expeditiously."

Watch |&nbsp;US Fed lifts policy rate by 0.25%

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He acknowledged that higher interest rates also bring their share of pain, but "everyone would be better off if we can get this job done. The sooner, the better."

To achieve that aim, he said "additional 50-basis point increases should be on the table at the next couple of meetings," however, a more aggressive three-quarter point hike is not under consideration.

The&nbsp;Fed's goal is to engineer a "soft landing," reining in&nbsp;inflation&nbsp;while avoiding a contraction in economic activity, and Powell said that outcome is likely.

"It's a strong economy, and nothing about it suggested... that it's close to or vulnerable to a recession," he said.

Ukraine war impact

But with China's pandemic lockdowns worsening global supply snarls and the war in Ukraine pushing commodity prices higher, analysts fear factors beyond the&nbsp;central bank's control could undermine that goal, and perhaps plunge the US economy into a recession.

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The FOMC acknowledged the "highly uncertain" impact of Russia's invasion of Ukraine and Western sanctions on Moscow, which are "creating additional upward pressure on&nbsp;inflation&nbsp;and are likely to weigh on economic activity."&nbsp;

In addition, Covid lockdowns in China "are likely to exacerbate supply chain disruptions," the statement said.&nbsp;

Offloading bonds

Though it contracted in the first quarter, Powell said the economy was healthy enough to withstand higher rates, and pointed to robust job gains and strong household and business spending.

However, central bankers cannot engineer a solution for the worker shortages that have challenged businesses and raised fears of a wage-price spiral, when employees demand higher salaries and fuel price increases.&nbsp;

Powell downplayed those concerns, saying some of the&nbsp;inflation&nbsp;is due to price shocks, while&nbsp;Fed&nbsp;policy can help address the "imbalance" in the labor market.

On Wednesday, payroll services firm ADP reported private employers added a weaker-than-expected 247,000 workers in April, a sign that companies are struggling to find available labor, while government data released Tuesday showed there are nearly two openings for every job seeker.

Also read |&nbsp;<a href="https://www.wionews.com/economy/us-fed-officials-firm-up-plans-for-a-swift-pullback-of-economic-help-455510">US Fed officials firm up plans for a swift pullback of economic help</a>

The FOMC also said it would begin reducing its massive bond holdings starting June 1, beginning at the pace of $47.5 billion a month, and then doubling after three months, also aimed at removing stimulus from the economy.

The decision was widely expected, and many economists believe the FOMC will again hike rates by a half-point in June, though Ian Shepherdson of Pantheon Economics said, "After that we think all bets are off, given the likelihood of a steep, sustained drop in&nbsp;inflation, a clear softening in manufacturing, and a meltdown in housing market activity."

Stock markets cheered the&nbsp;Fed&nbsp;move, closing sharply higher, with big gains in interest-sensitive tech shares.

The Federal Reserve on Wednesday announced its biggest rate hike since 2000, with a half percentage point increase as it works to crush soaring US inflation. With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the American people, expressing concern for the pain caused by rising prices, and pledging to use all available tools to bring them down.

The Federal Reserve on Wednesday announced its biggest rate hike since 2000, with a half percentage point increase as it works to crush soaring US inflation. With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the American people, expressing concern for the pain caused by rising prices, and pledging to use all available tools to bring them down. But he told reporters he remains confident the economy is strong enough to withstand rate increases without tipping into a recession. Also read | From recession to inflation, how the US Fed has dealt with crisis After a quarter-point hike in March, the US central bank's policy-setting Federal Open Market Committee (FOMC) pushed the benchmark interest rate above 0.75 per cent as it works to cool the economy, and confirmed more increases "will be appropriate." The hike will raise the costs of all types of borrowing, from mortgages to credit cards to car loans, cooling demand and business activity. Inflation has become an overriding concern after the world's largest economy saw annual consumer prices surge 8.5 per cent over the 12 months to March, the biggest jump since December 1981. Policymakers continue to believe inflation will gradually return to the Fed's two-percent target as it raises borrowing costs, but in a statement following the conclusion of its two-day meeting, the FOMC said it will be "highly attentive to inflation risks." In an unusual move, Powell opened his news conference speaking to the American people. "Inflation is much too high. And we understand the hardship that is causing," he said, promising to use all tools available to bring it down "expeditiously." Watch | US Fed lifts policy rate by 0.25% He acknowledged that higher interest rates also bring their share of pain, but "everyone would be better off if we can get this job done. The sooner, the better." To achieve that aim, he said "additional 50-basis point increases should be on the table at the next couple of meetings," however, a more aggressive three-quarter point hike is not under consideration. The Fed's goal is to engineer a "soft landing," reining in inflation while avoiding a contraction in economic activity, and Powell said that outcome is likely. "It's a strong economy, and nothing about it suggested... that it's close to or vulnerable to a recession," he said. Ukraine war impact But with China's pandemic lockdowns worsening global supply snarls and the war in Ukraine pushing commodity prices higher, analysts fear factors beyond the central bank's control could undermine that goal, and perhaps plunge the US economy into a recession. WATCH WION LIVE HERE: The FOMC acknowledged the "highly uncertain" impact of Russia's invasion of Ukraine and Western sanctions on Moscow, which are "creating additional upward pressure on inflation and are likely to weigh on economic activity." In addition, Covid lockdowns in China "are likely to exacerbate supply chain disruptions," the statement said. Offloading bonds Though it contracted in the first quarter, Powell said the economy was healthy enough to withstand higher rates, and pointed to robust job gains and strong household and business spending. However, central bankers cannot engineer a solution for the worker shortages that have challenged businesses and raised fears of a wage-price spiral, when employees demand higher salaries and fuel price increases. Powell downplayed those concerns, saying some of the inflation is due to price shocks, while Fed policy can help address the "imbalance" in the labor market. On Wednesday, payroll services firm ADP reported private employers added a weaker-than-expected 247,000 workers in April, a sign that companies are struggling to find available labor, while government data released Tuesday showed there are nearly two openings for every job seeker. Also read | US Fed officials firm up plans for a swift pullback of economic help The FOMC also said it would begin reducing its massive bond holdings starting June 1, beginning at the pace of $47.5 billion a month, and then doubling after three months, also aimed at removing stimulus from the economy. The decision was widely expected, and many economists believe the FOMC will again hike rates by a half-point in June, though Ian Shepherdson of Pantheon Economics said, "After that we think all bets are off, given the likelihood of a steep, sustained drop in inflation, a clear softening in manufacturing, and a meltdown in housing market activity." Stock markets cheered the Fed move, closing sharply higher, with big gains in interest-sensitive tech shares.

US Fed makes biggest rate increase since 2000 to fight inflation

North Korea's isolated economy will not be insulated from global economic headwinds caused by the Ukraine war and the COVID-19 lockdowns in China, analysts said, with recently resumed border trade taking a hit and inflation exacerbating food shortages.

Shortages in North Korea's isolated economy, global problems may exacerbate

Sri Lanka’s doctors and nurses are protesting in Colombo, demanding urgent delivery of drugs and medical supplies. Many hospitals and pharmacies are running out of stock. Could the forex crisis lead to a health emergency in Sri Lanka? Mariam Wardak tells you.

South Asia Diary | Sri Lanka stares at a medical emergency

Rampant pollution and illegal fishing are destroying seagrass as Mediterranean seagrass is under threat. Tunisian economy depends on seagrass.

Mediterranean seagrass under threat: Tunisian economy depends on seagrass

Pakistan Prime Minister Shehbaz Sharif’s maiden visit to Saudi Arabia seems to have been successful as it has been helpful in securing a "sizeable package" of around $8 billion from the kingdom, a media report&nbsp;said. &nbsp;

This comes as Pakistan has been reeling under financial crisis. It has also been under huge debt for sometime. &nbsp;&nbsp;

To somehow stay afloat, different successive governments of the country have taken loans from many organisations and countries. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/pak-pm-shehbaz-sharif-meets-oic-general-secretary-discusses-kashmir-issue-475362" hreflang="en">Pak PM Shehbaz Sharif meets OIC General secretary, discusses Kashmir issue</a>

In the package, Saudi Arabia has agreed to double the oil financing facility, give additional money through deposits or Sukuks and roll over existing $4.2 billion facilities, said the report published in The News. &nbsp;

It will help in reviving the ailing economy, but for how long? &nbsp;

"However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed," the report said, citing top official sources familiar with the development. &nbsp;

The PM and his official entourage have left Saudi Arabia. But Finance Minister Miftah Ismail has stayed back to finalise modalities of the financial package. &nbsp;

Watch | Medina Incident: Sharif Govt alleges PTI's hand in attack, Imran Khan denies role

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Pakistan proposed the doubling of oil facility from $1.2 billion to $2.4 billion, which was agreed by Saudi Arabia. The rollover of existing deposits of $3 billion for an extended period up to June 2023 was also decided.&nbsp; &nbsp;

"Pakistan and Saudi Arabia discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," the report said. &nbsp;&nbsp;

The size of the total package may be determined after the additional money is finalised, it added. &nbsp;&nbsp;

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(With inputs from agencies)&nbsp;

Pakistan Prime Minister Shehbaz Sharif’s maiden visit to Saudi Arabia seems to have been successful as it has been helpful in securing a "sizeable package" of around $8 billion from the kingdom, a media report said.

Pakistan Prime Minister Shehbaz Sharif’s maiden visit to Saudi Arabia seems to have been successful as it has been helpful in securing a "sizeable package" of around $8 billion from the kingdom, a media report said. This comes as Pakistan has been reeling under financial crisis. It has also been under huge debt for sometime. To somehow stay afloat, different successive governments of the country have taken loans from many organisations and countries. Also Read: Pak PM Shehbaz Sharif meets OIC General secretary, discusses Kashmir issue In the package, Saudi Arabia has agreed to double the oil financing facility, give additional money through deposits or Sukuks and roll over existing $4.2 billion facilities, said the report published in The News. It will help in reviving the ailing economy, but for how long? "However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed," the report said, citing top official sources familiar with the development. The PM and his official entourage have left Saudi Arabia. But Finance Minister Miftah Ismail has stayed back to finalise modalities of the financial package. Watch | Medina Incident: Sharif Govt alleges PTI's hand in attack, Imran Khan denies role × Pakistan proposed the doubling of oil facility from $1.2 billion to $2.4 billion, which was agreed by Saudi Arabia. The rollover of existing deposits of $3 billion for an extended period up to June 2023 was also decided. "Pakistan and Saudi Arabia discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," the report said. The size of the total package may be determined after the additional money is finalised, it added. WATCH WION LIVE HERE (With inputs from agencies)

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