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Business

Avoiding default, Pakistan repays $1bn to Saudi Arabia

  • As per media reports, Pakistan has paid off $1bn for fear of defaulting on international loans following Saudi Arabia's decision to limit funding.
06 Aug 2020

After over an 18-months period, Pakistan has repaid $1 billion of the $3 billion loan taken from Saudi Arabia.

As per media reports, Pakistan has paid off $1bn for fear of defaulting on international loans following Saudi Arabia's decision to limit funding.

The report added that Pakistan’s ally China stepped in to provide a $1bn loan to offset the negative effects of Saudi Arabia's decision to cut funding.

It is pertinent to inform that back in October 2018, Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis. The agreement came after Prime Minister Imran Khan attended a Saudi investment conference.

“It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support,” the ministry said in a statement.

“It was also agreed that a one year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.”