Cash-strapped Pakistan on Friday received USD 1 billion from its close ally Saudi Arabia as part of a second bailout package to boost the country's dwindling dollar reserves, according to media reports. The latest package has shored up the central bank's foreign reserves, hitting the USD 9.4 billion mark, said State Bank of Pakistan Spokesman Abid Qamar.

A Pakistan Minister said that an incoming investment package from Saudi Arabia promises to be "the biggest foreign investment in the country's history". Asad Umar, while addressing an event in Islamabad, said that the package would be announced soon. "The ball is in our court. It is going to the cabinet for approval next week, after which the announcement will be made," he said.

Formula E outfit Mahindra RFormuacing are ready to make the step up from race winners to championship contenders when the all-electric motorracing championship's fifth season flags off Saturday. The only Indian team on the grid, the outfit fought for the title in the early part of last season, leading both the team and drivers' championships at one stage.