Ankit Madhwani

NOW - Scott Bessent: "Two Chinese banks received letters from the U.S. Treasury... If we can prove that there is Iranian money flowing through your accounts then we are willing to put on secondary sanctions."

Mean reversion ON 🔥 (may be two weeks) G/O 51 S/O 0.81

Saudi Arabia Announces USD 3 Billion Additional Support, Extends USD 5 Billion Deposit: Finance Minister Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has informed that the Kingdom of Saudi Arabia has committed USD 3 billion in additional deposits, with disbursement expected in the coming week. He further stated that the existing USD 5 billion Saudi deposit would no longer remain subject to the earlier annual rollover arrangement and would instead be extended for a longer period. The Finance Minister made the annoucement while talking to members of the media in Washington, D.C., on the sidelines of the World Bank–IMF Spring Meetings 2026, and shared important details regarding Saudi financial support for Pakistan and the government’s external financing strategy. Senator Aurangzeb said this support comes at a critical time for Pakistan’s external financing needs and would help reinforce foreign exchange reserves and strengthen the country’s external account. He reiterated the government’s commitment to maintaining reserves in line with its obligations to markets and under the IMF-supported programme, including the objective of achieving around USD 18 billion in reserves, equivalent to approximately 3.3 months of import cover, by the end of the fiscal year. The Finance Minister noted that Pakistan had successfully repaid its USD 1.4 billion Eurobond last week, describing it as a “non-event,” and reaffirmed that the government remained fully committed to meeting all upcoming external obligations and maturities on time. He emphasized that Pakistan’s external financing plan is clearly defined and being implemented in a responsible and disciplined manner. Referring to his engagements in Washington, Senator Aurangzeb said that he, along with the Governor, State Bank of Pakistan and Pakistan’s Ambassador to the United States, had held a detailed meeting with Saudi Finance Minister H.E. Mohammed bin Abdullah Al-Jadaan. He recalled that he had also met the Saudi Finance Minister in Islamabad the previous Friday, but noted that the government had deliberately refrained from commenting publicly in the absence of formal communication, despite media reports and speculation, as such matters required clarity and joint understanding before being shared. The Finance Minister expressed profound gratitude to the leadership of the Kingdom of Saudi Arabia, particularly His Royal Highness Crown Prince Mohammed bin Salman, Saudi Finance Minister H.E. Mohammed bin Abdullah Al-Jadaan, and the Saudi Vice Finance Minister, for their continued support and close cooperation. He particularly appreciated the efforts made to bring the support package to fruition. Senator Aurangzeb also acknowledged the role of Pakistan’s political and economic leadership in securing and operationalizing the support. He thanked the Prime Minister of Pakistan, the Field Marshal, the Deputy Prime Minister, the Governor, State Bank of Pakistan, the Finance Secretary Mr. Imdad Ullah Bosal, and their respective teams for their contributions and coordination. The Finance Minister stated that, at this juncture, sentiment and confidence were critically important. He said Pakistan was receiving unprecedented appreciation from international financial institutions, the IMF, the World Bank, institutional investors, and counterparts he was meeting in Washington. He noted that the international community was particularly recognizing Pakistan’s recent diplomatic and facilitative role in helping enable dialogue between parties that had not held face-to-face discussions for decades. He said this international appreciation, coupled with Saudi Arabia’s timely financial support, provided Pakistan with important momentum and confidence going forward, both for the economy and for the external account, including its commercial dimensions. Senator Aurangzeb further noted that Pakistan was advancing its broader external financing agenda, including the recently announced Global Medium-Term Note (GMTN) programme and the planned inaugural Panda Bond issuance, as part of efforts to diversify funding sources and strengthen market access. The Finance Minister concluded by reaffirming the government’s commitment to macroeconomic stability, fulfillment of external obligations, reform continuity, and sustained engagement with bilateral and multilateral partners. He said a more detailed interaction with the media would take place at the conclusion of the visit.

Saudi Arabia Announces USD 3 Billion Additional Support, Extends USD 5 Billion Deposit: Finance Minister Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has informed that the Kingdom of Saudi Arabia has committed USD 3 billion in additional deposits, with disbursement expected in the coming week. He further stated that the existing USD 5 billion Saudi deposit would no longer remain subject to the earlier annual rollover arrangement and would instead be extended for a longer period. The Finance Minister made the annoucement while talking to members of the media in Washington, D.C., on the sidelines of the World Bank–IMF Spring Meetings 2026, and shared important details regarding Saudi financial support for Pakistan and the government’s external financing strategy. Senator Aurangzeb said this support comes at a critical time for Pakistan’s external financing needs and would help reinforce foreign exchange reserves and strengthen the country’s external account. He reiterated the government’s commitment to maintaining reserves in line with its obligations to markets and under the IMF-supported programme, including the objective of achieving around USD 18 billion in reserves, equivalent to approximately 3.3 months of import cover, by the end of the fiscal year. The Finance Minister noted that Pakistan had successfully repaid its USD 1.4 billion Eurobond last week, describing it as a “non-event,” and reaffirmed that the government remained fully committed to meeting all upcoming external obligations and maturities on time. He emphasized that Pakistan’s external financing plan is clearly defined and being implemented in a responsible and disciplined manner. Referring to his engagements in Washington, Senator Aurangzeb said that he, along with the Governor, State Bank of Pakistan and Pakistan’s Ambassador to the United States, had held a detailed meeting with Saudi Finance Minister H.E. Mohammed bin Abdullah Al-Jadaan. He recalled that he had also met the Saudi Finance Minister in Islamabad the previous Friday, but noted that the government had deliberately refrained from commenting publicly in the absence of formal communication, despite media reports and speculation, as such matters required clarity and joint understanding before being shared. The Finance Minister expressed profound gratitude to the leadership of the Kingdom of Saudi Arabia, particularly His Royal Highness Crown Prince Mohammed bin Salman, Saudi Finance Minister H.E. Mohammed bin Abdullah Al-Jadaan, and the Saudi Vice Finance Minister, for their continued support and close cooperation. He particularly appreciated the efforts made to bring the support package to fruition. Senator Aurangzeb also acknowledged the role of Pakistan’s political and economic leadership in securing and operationalizing the support. He thanked the Prime Minister of Pakistan, the Field Marshal, the Deputy Prime Minister, the Governor, State Bank of Pakistan, the Finance Secretary Mr. Imdad Ullah Bosal, and their respective teams for their contributions and coordination. The Finance Minister stated that, at this juncture, sentiment and confidence were critically important. He said Pakistan was receiving unprecedented appreciation from international financial institutions, the IMF, the World Bank, institutional investors, and counterparts he was meeting in Washington. He noted that the international community was particularly recognizing Pakistan’s recent diplomatic and facilitative role in helping enable dialogue between parties that had not held face-to-face discussions for decades. He said this international appreciation, coupled with Saudi Arabia’s timely financial support, provided Pakistan with important momentum and confidence going forward, both for the economy and for the external account, including its commercial dimensions. Senator Aurangzeb further noted that Pakistan was advancing its broader external financing agenda, including the recently announced Global Medium-Term Note (GMTN) programme and the planned inaugural Panda Bond issuance, as part of efforts to diversify funding sources and strengthen market access. The Finance Minister concluded by reaffirming the government’s commitment to macroeconomic stability, fulfillment of external obligations, reform continuity, and sustained engagement with bilateral and multilateral partners. He said a more detailed interaction with the media would take place at the conclusion of the visit.

BREAKING: The United States may ask Iran to send its enriched uranium to India after the second round of peace talks in the coming days. Both the U.S. and Iran share friendly relations with India, experts say, following a 40-minute call between PM Modi and President Trump.

This probably means that Trump himself is coming to Pakistan. Seems like a pre-emptive call to Modi before a possible trip to Islamabad. If that happens, a peace deal would likely be agreed in-principle even before his arrival. And Trump definitely would want to announce that himself.

China is well positioned to withstand the impact of the US blockade of the Strait of Hormuz: Before the war, China purchased ~14% of its oil from Saudi Arabia, 11% from Iran, and 29% from the rest of the Middle East. Russia supplied another 20%, with the remaining 26% coming from the rest of the world. Despite the war, Iranian oil has continued flowing to China, making the country the least affected Asian nation. However, China has still lost at least 20% of its total oil imports despite Saudi Arabia and the UAE rerouting crude through alternative export channels. China has also built the world's largest strategic petroleum reserve over the last decade, with more than 1 billion barrels of crude stockpiled. As a result, even a 2-month loss of Iranian supply would only deplete China's emergency reserves by ~10%. China has been preparing for this situation for years.

US Treasury Secretary Bessent: The US agenda for the G-20 this year is growth.