Friday, December 1, 2023

China & Saudi Arabia Assured $13 Billion Package for Pakistan: Ishaq Dar

Finally, something to cheer about as Pakistan is said to have secured about $13 billion in additional financial support from two traditional friends — about $9bn from China and over $4bn from Saudi Arabia.

The Chinese leadership promised to roll over $4bn in sovereign loans, refinance $3.3bn commercial bank loans and increase currency swap by about $1.45bn — from 30bn yuan to 40bn yuan.

The total worked out at $8.75bn.

Ishaq dar while responding to questions relating to Saudi Arabia gave positive response and assured them that they gave a positive response.

Mr. Dar said the Chinese side had also agreed to fast-track the processing for a $9.8bn high-speed rail project (Main Line-1) from Karachi to Peshawar.

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