Pakistan, facing cash crisis, gets 6 billion dollars from Saudi Arabia

Pakistan, facing cash crisis, gets 6 billion dollars from Saudi Arabia

Imran Khan had earlier announced that his country would go to IMF for Bailout. But since 1980, Pakistan showed apathy later on about the 13th bailout of the country.

Islamabad: Pakistan, who is facing a cash crisis, has shared such information related to it, which seems to suggest that the neighboring country is getting relief. Pak says that Saudi Arabia has agreed to give him 6 billion dollars (7,87,17,00,00,000 rupees). This information came to light about the second Riyadh visit of Pakistan Prime Minister Imran Khan.

As “Balance of Payment Support”, Saudi Arabia will pay $ 3 billion (3,93,58,50,00,000 rupees) directly to Pakistan. In addition, for the import of oil, the rest of the condition of late payment of up to one year will be provided with 3 billion dollars. For this, the MoU was signed between the two ministries of the Finance Ministries. Pakistan said that the agreement has been done for three years, after which it will be reviewed.

Imran Khan had earlier announced that his country would go to IMF for Bailout. But since 1980, Pakistan showed apathy later on about the 13th bailout of the country. This is the latest crisis of balance of payments on the second largest economy of South Asia. One of the major reasons for this is that the Chinese-based investment has increased the import in the country, but the export situation is poor.

Since becoming Prime Minister in July, Imran Khan is seeking economic help from countries like China, Saudi Arabia, and UAE. But they have not achieved any substantial success in this matter. The country is facing a financial crisis due to the increase in current account deficit and the fall of the foreign capital, and the Finance Minister says that Pakistan has to pay 12 billion dollars (15,74,34,00,00,000 rupees) to deal with it. It will be necessary.

This money from Saudi Arabia will not solve all the problems of Pakistan. But Imran’s country will be in a position to negotiate a loan better than the IMF in the case of a loan. In Pakistan, Khan is also being criticized for having participated in an investment conference in this country despite the alleged assassination of Saudi Arabian American journalist Jamal Khashoggi.

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