Khan expects financial aid from Saudi

Pakistan Prime Minister Imran Khan is expecting financial aid from Saudi Arabia as he prepares for a three- day visit to the Kingdom on October 23.

Officials said the PM will discuss the economic crises of Pakistan with the Saudi leaders. “There have been talks with Saudi Arabia and economic crises will definitely be discussed,” said one official.

This week, Prime Minister Imran Khan said that Pakistan may skip loan from the International Monetary Fund as the government was consulting some friendly countries to come out of the economic crises. The premier said the friendly countries were being consulted for cooperation. “Their response is positive. I am quite hopeful that we will not have to approach the IMF for our economic needs,” he said.

The Prime Minister assured that people will start receiving good news in a few months in the wake of some harsh decisions as so many things will also be changed.

An IMF team is scheduled to arrive in Pakistan on November 7 to negotiate the programme, likely to cover a period of three years. The Institute of International Finance in its latest report said a potential IMF programme for Pakistan could be valued at $ 15 billion. The IIF expects an agreement on a three- year IMF programme of $ 15 billion by end of this year.

Finance Minister Asad Umar, however, says the IMF would be asked for a $ 12 billion package while another $ 5 billion would be sought from the World Bank and the Asian Development Bank.

On Saturday, Mr Umar said the IMF bailout will be the last one for the country. He said the agreement with the IMF was likely to be signed by the end of December this year.

Imran Khan- led Pakistan Tehrik- e- Insaf formed the federal government in September, pledging to bring a ‘ change’ in its election campaign. There has been massive criticism against the government after Imran Khan and Asad Umar announced to borrow money from the international financial institutions to improve the country’s economy.

Opposition parties refer to the PTI’s promises in the election campaign that borrowing money was against the integrity of the nation.