Pakistan ‘seeks $2-3bn aid’ from Saudi Arabia

Experts believe that Pakistan is seeking an economic aid of $2-3 billion from Saudi Arabia, as Prime Minister Imran Khan jet off for official visit to the kingdom on Tuesday.

The PM left for the kingdom for his two-day state visit on the invitation of King Salman bin Abdulaziz and Crown Prince Mohammad Bin Salman. Economic experts are of the opinion that Pakistan, which is marred by dwindling foreign exchange reserves, is expected to seek $2-$3 billion in economic aid from the Kingdom.

“Pakistan expects an injection of around $2 billion to $3 billion in order to stabilize its foreign reserves position, currency and external balance sheet,” Dr. Bilal Ahmed, senior economic analyst, quoted Arab News.

PM Imran Khan departs for Saudi Arabia on first official visit

Adding that Pakistan would largely benefit from the visit, especially if the Kingdom is convinced 'to supply oil at concessionary rates which would mitigate pressure on the import bill to a large extent,' Dr Ahmed said he believed that if successful, this 'would be a big achievement of PM Khan'.

The Prime Minister will be accompanied by Foreign Minister Asad Umar and Minister for Finance and Adviser to the Prime Minister on Commerce. The ministers will also meet their Saudi counterparts to discuss bilateral cooperation, the Foreign Office said.

On Tuesday, Finance minister said that the government will raise an additional Rs183 billion in revenue with new measures that include more taxes on higher earners and by preventing theft.

"We will raise Rs 183bn in additional revenue. Half will come by instituting  better administrative procedures that use technology to plug leaks in the system," Umar said in the Parliament.