Pakistan is through one of its greatest recent economic crises, and Saudi Arabia promised the International Monetary Fund (IMF) that it would get a $2 billion loan.
In order to strengthen bilateral ties, the Special Assistant to the Prime Minister (SAPM) Muhammad Jawad Sohrab Malik and Nawaf bin Said Al-Malki, the Kingdom of Saudi Arabia’s ambassador to Pakistan, met in Islamabad.
The adviser to the prime minister praised Riyadh for its unwavering support for the South Asian country and thanked the envoy for promising $2 billion, which will be received within the next seven working days. Mr. Malik emphasised the need of the assistance from the Kingdom and claimed that a $2 billion loan would aid Pakistan in resolving its financial crisis.
He added that doing this will assist Pakistan in obtaining much-needed financial support from other friendly nations, such as the UAE, Qatar, and others, and would eventually result in the long-awaited staff-level agreement (SLA).
Back then, Julie Kozack, the IMF’s Director of Strategic Communications, said that “timely financial assistance from external partners will be crucial to support the authorities’ policy initiatives and enable the successful completion of the review [with Pakistan].
Of the $2 billion that China promised to refinance, $1.7 billion has already been credited to Pakistan’s central bank. Additionally, China extended a $2 billion loan last month, helping Pakistan during its severe balance of payments problem.
