Imran Khan Heads For Saudi, Says Pakistan 'Desperate' For Loans
Imran Khan Heads For Saudi, Says Pakistan 'Desperate' For Loans
Pakistan Prime Minister Imran Khan
Aamir Qureshi AFP
23 October, 2018, 21:06
"It was also agreed that a one year deferred payment facility for import of oil, up to three billion dollars, will be provided by Saudi Arabia".
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, discussed bilateral ties with the Pakistani Prime Minister.
India fired back at Pakistani PM Imran Khan, saying his country should stop "glorifying terrorists".
It was also agreed that a one year deferred payment facility for import of oil, up to three billion U.S. dollars, will be provided by Saudi Arabia. This arrangement will be in place for three years, after which it will be reviewed.
During the visit, the Prime Minister was accompanied by the Minister for Foreign Affairs, Makhdoom Shah Mehmood Qureshi, Minister for Finance, Mr. Asad Umar, Minister for Information, Mr. Fawad Ahmed, and Advisor to the Prime Minister on Commerce, Mr. Abdul Razaq Dawood, and Chairman BOI Mr. Haroon Sharif.
Khan said before leaving for Riyadh that he could not skip the conference because "we're desperate" for possible Saudi loans to shore up Pakistan's economy.
Khan, who was elected prime minister in July, is in Saudi Arabia for the second time this month seeking to shore up financial aid as the country reels from a looming balance of payments crisis. Saudi Foreign Minister Adel al-Jubeir on Sunday claimed officials in Riyadh do not know how Khashoggi was killed in their consulate in Istanbul or where his body is.
Khan told the Middle East Eye in an interview published yesteray that he could not pass up the invitation to meet Saudi leaders again.
Though shocked by Khashoggi's killing, Khan said his government needed urgent access to Saudi loans to avoid defaulting on record levels of debt within months.
Khan said his country was in the "worst debt crisis" in the history of Pakistan.
A Memorandum of Understanding (MoU) was signed between the Finance Minister Asad Umar and the Saudi Finance Minister, Muhammad Abdullah Al-Jadaan under which it was agreed that Saudi Arabia will place a deposit of three billion USA dollars for a period of one year as balance of payment support.
Khan had however sought to avoid going to the International Monetary Fund and still wants to at least reduce the size of any bailout by appealing to "friendly countries" for bilateral financial support.
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