Saudi Of­fers Pakistan $6-bil­lion Pack­age to Ease Eco­nomic Cri­sis

The Day After - - GLOBAL TIT-BIT -

Saudi Ara­bia has agreed to give Pakistan $3 bil­lion in for­eign cur­rency sup­port for a year and a fur­ther loan worth up to $3 bil­lion in de­ferred pay­ments for oil im­ports to help stave off a cur­rent ac­count cri­sis, Pakistan’s govern­ment said on Oc­to­ber 24th. The $6 bil­lion to­tal ex­ceeds fore­casts by an­a­lysts and will likely re­duce the size of any bailout Pakistan it re­ceives from the In­ter­na­tional Mon­e­tary Fund (IMF).

The Saudi agree­ment came as new Pak­istani PM Im­ran Khan at­tended a Saudi in­vest­ment con­fer­ence that has been boy­cotted by sev­eral other lead­ers over the mur­der of Saudi writer Ja­mal Khashoggi at the coun­try’s con­sulate in Is­tan­bul. Khan had said be­fore de­part­ing that his coun­try is “des­per­ate” to shore up its for­eign cur­rency re­serves, which are at a four-year low, equiv­a­lent to less than two months’ im­ports and barely enough to make its debt re­pay­ments through rest of year.

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