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Business

FM Qureshi explains reason for repayment of $1bn to Saudi Arabia

  • "The coronavirus pandemic has put a lot of pressure on the Saudi economy. The way oil prices have fallen is a historical fact, it has affected their economy," said Qureshi, while talking to local media.
08 Aug 2020

Foreign Minister Shah Mehmood Qureshi has given the reasoning behind Pakistan repayment of $1 billion of the $3 billion loan taken from Saudi Arabia.

"The coronavirus pandemic has put a lot of pressure on the Saudi economy. The way oil prices have fallen is a historical fact, it has affected their economy," said Qureshi, while talking to local media.

“They understood our difficulties and we have to understand their difficulties. For them, we were present yesterday and are still present today,” he added.

Qureshi reiterated that there is no tension between Pakistan and Saudi Arabia. “Relations are open and solid and will remain so. We have a loving relationship with them. We have a historic relationship with them," he said.

The statement comes after over an 18-months period, Pakistan 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.

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.