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Business & Finance

Pakistan repays another $1bn to KSA

  • It should be noted that Pakistan has returned the money to Saudi Arabia with the help of China, the Ministry of Finance, and the State Bank have refrained from commenting.
Updated 17 Dec 2020

Pakistan repaid another USD$1 billion to Saudi Arabia, as part of the second tranche of a USD$3 billion loan.

As per details, Pakistan has repaid the second tranche of USD$3 billion loan to Saudi Arabia while another USD$1 billion will be repaid next month.

It should be noted that Pakistan has returned the money to Saudi Arabia with the help of China, the Ministry of Finance and the State Bank have refrained from commenting.

The development comes days after Foreign Minister Shah Mahmood Qureshi confirmed that Pakistan returned $1 billion Saudi loan to what he said "financial constraints" of the kingdom subsequent to the recent decline in oil prices in the international market.

Speaking at a news conference, the foreign minister dispelled the impression that there is any rift in Pakistan-Saudi relations due to which Pakistan was asked to repay the loan extended in 2018 to help Pakistan address its balance of payments (BoP) crisis.

"When we were in trouble, they [Saudi Arabia] came to our help and gave deposits in our State Bank of Pakistan. They [Saudis] also have problems...the decline in oil prices was unprecedented and their [Saudis] major income is from oil.

They also have their financial needs. When we approached them [for the loan], they agreed. And when they felt that we [Pakistan] need to realize their position, we returned [their loan] and it's because we have a mutual understanding," the Foreign Minister stated.

It is pertinent to mention that the government of Pakistan had borrowed USD$3 billion from Saudi Arabia in 2018 at an interest rate of 3 percent.