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Shehbaz may seek $7.4bn Saudi aid package

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During his visit to Saudi Arabia, Pakistan Prime Minister Shehbaz Sharif may seek a $7.4 billion financial assistance package from the kingdom in the shape of cash deposits and oil on deferred payments, including rollover of the existing $4.2 billion facilities that are expiring by the end of this year.

The request will be made during Sharif’s three-day visit that would begin from Thursday, according to the Ministry of Finance officials, The Express Tribune reported.

Finance Minister Miftah Ismail will also be part of the official entourage.

Senior Ministry officials said that the government would seek $2 billion additional cash deposit in addition to the rollover of the existing $3 billion facility, which would mature by the end of this year.

They said this time the country was seeking the loan for a longer than one year period, in addition to relaxation in terms of the previous agreement.

In October last year, Saudi Arabia had announced giving $3 billion in cash deposit for one year and oil on deferred payment equal to $1.2 billion annually.

However, the oil facility became operational only in March this year when the country lifted $100 million equivalent oil.

The request will also be made to double the oil on deferred payments limit to $2.4 billion, according to the officials.

The net additional financial assistance is $3.2 billion in the shape of cash deposits and oil on deferred payments, The Express Tribune reported.

The last PTI government had obtained $3 billion cash at 4 per cent interest rate and the oil on deferred payments at 3.8 per cent rate for one year, according to the terms agreed between both countries.

Unlike in the past, there was no option for the rollover of the Saudi loan and the country is required to return it at once after one year.

International News

Milton’s Storm Surge Floods Homes, Roads In Florida

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Water flowed into homes and over roads as Hurricane Milton neared landfall in Florida Wednesday. Here’s a look at what was happening in the community of El Jobean near Charlotte Harbor, in Southwest Florida.

Milton hits Florida: Hurricane Milton has made landfall near Siesta Key, Florida, as a dangerous Category 3 storm before weakening to a Category 1 as it moves over the state, according to the National Hurricane Center. It is the fifth hurricane to make landfall in the US this year. you can track Milton’s path with CNN’s strom tracker.

A thousand-year flood: Milton has dropped about 16 inches of rain on St. Petersburg, representing a more than a 1 in 1000 year rainfall for the area. Meanwhile, there are “multiple fatalities” in St. Lucie County, Florida, from a tornado outbreak earlier in the day, CNN affiliate WPTV reports

Devastating effects: Milton, the third hurricane to hit Florida this year, has knocked out power for more than 2 million people in the state. Additionally, wind gusts of 100 mph were recorded near Tampa, where  a flash flood emergency was issued a emergency services have been halted.

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EAM S Jaishankar To Visit Pakistan To Attend SCO Meeting On October 15-16, Announces MEA

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EAM S Jaishankar To Visit Pakistan To Attend SCO Meeting On October 15-16, Announces MEA

India’s External Affairs Minister (EAM), S Jaishankar will travel to Pakistan to attend the SCO meeting this month, announced the Ministry of External Affairs (MEA) official spokesperson Randhir Jaiswal on Friday (October 4). The SCO meeting will be held in Pakistan’s capital Islamabad on October 15-16.

“The External Affairs Minister will lead our delegation to Pakistan to participate in the SCO summit which will be held in Islamabad on October 15-16,” said the MEA spokesperson.

As per reports, the Federal government in Pakistan has decided to deploy rangers in Islamabad ahead of the Shanghai Cooperation Organisation (SCO) summit, as part of security measures in place for the summit.

The paramilitary rangers will continue to be deployed in the capital city till the conclusion of the summit, reported Pakistani media.

What Is SCO Summit?

The Shanghai Cooperation Organisation is a permanent intergovernmental international organisation established on June 15, 2001, in Shanghai by Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.

Currently, the SCO countries include nine member states: India, Iran, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Uzbekistan and Tajikistan.

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International News

Fugitive Radical Preacher Zakir Naik Arrives In Pakistan, Will Deliver Islamic Lectures & Lead Friday Prayers In Major Cities

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Fugitive radical Islamic preacher Zakir Naik landed in Pakistan’s Islamabad on Monday for his lectures in several major cities including Karachi and Lahore. He will conclude his visit with a lecture in Islamabad on October 28. 

As per reports, he will also lead and address Friday prayer congregations in these cities.

The Prime Minister’s Youth Program Chairman Rana Mashhood, the Parliamentary Secretary for Religious Affairs Shamsher Ali Mazari, the Additional Secretary of the Ministry of Religious Affairs Syed Dr. Atta-ur-Rehman, and others greeted him upon his arrival at the New Islamabad Airport.

Naik announced his trip through his social media handles and shared details of the public lectures he will deliver in Pakistan. 

He is set to begin his tour on October 5, starting with Karachi, then Lahore, and finishing in Islamabad.

Earlier on Monday, Zakir Naik took to X and shared a video explaining why he has reduced the frequency of his public lectures. 

“The number of individuals attending public speeches has grown every year if you count them. I used to travel to a city and give presentations for five days, maybe 15, or two weeks and give talks for 20, but these days I travel to a nation and give talks solely on the weekends. However, the combined attendance for those two sessions is far higher than that of 10 talks. That is only one explanation, though not the only one.”

He continued, saying, “We also record this on the media, and when it goes on the social media, the social media people watch to a larger number, on social media and on the satellite channel. So when we started the satellite channel in 2006, our main focus was to see to it that programs on the satellite channels are good. So my talks became less, but the reach became more.”

Who is Zakir Naik?

Zakir Naik, who is well-known for his divisive opinions, has encountered legal issues in India, including charges of inciting hate and money laundering. In 2016, he escaped to Malaysia and has remained a contentious figure ever since.

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