Saudi Arabia promised the International Monetary Fund (IMF) that Pakistan would receive a $2 billion loan during one of its worst recent economic crises.
The Special Assistant to the Prime Minister (SAPM), Muhammad Jawad Sohrab Malik, and Nawaf bin Said Al-Malki, the ambassador of the Kingdom of Saudi Arabia to Pakistan, met in Islamabad to discuss ways to improve bilateral ties.
The prime minister’s advisor thanked the envoy for promising $2 billion, which will be received within the next seven working days, and praised Riyadh for its unwavering support for the South Asian nation. Mr. Malik emphasized the importance of the Kingdom’s assistance and asserted that a $2 billion loan would help Pakistan get out of its financial crisis.
He went on to say that doing so would help Pakistan obtain much-needed financial assistance from friendly nations like the UAE, Qatar, and others, and would eventually result in the long-awaited staff-level agreement (SLA).
The IMF’s Director of Strategic Communications at the time, Julie Kozack, stated that “timely financial assistance from external partners will be critical to support the authorities’ policy initiatives and enable the successful completion of the review [with Pakistan].”
$1.7 billion of the $2 billion that China promised to refinance has already been credited to Pakistan’s central bank. Furthermore, China extended a $2 billion loan to Pakistan last month, assisting the country during its severe balance of payments crisis.
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