China, Saudi Arabia to provide $13bn package to Pakistan: Dar

ISLAMABAD: China and Saudi Arabia have assured Pakistan of providing a financial package of $13 billion, Finance Minister Ishaq Dar told journalists Saturday.

Talking to journalists, Ishaq Dar said that during Prime Minister Shehbaz Sharif recent visit to Beijing, the Chinese leadership promised to roll over $4bn in sovereign loans, refinance $3.3bn commercial bank loans and increase currency swap by about $1.45bn — from 30bn yuan to 40bn yuan.

“China and Saudi Arabia have given assurances to Pakistani delegations under Prime Minister Shehbaz Sharif during recent visits that they will take care of Islamabad’s financial requirements till June 2023,” he said.

Dar further said the Chinese side had also agreed to fast-track the ML-1 (Main Line-1) project from Karachi to Peshawar.

The finance minister further said the Karachi Circular Railway (KCR) and Hyderabad-Karachi motorway projects were also taken up during the meeting and the KCR would soon be in the implementation phase.

Responding to another question, Ishaq Dar said Saudi Arabia had also given a positive response to Pakistan’s request for increasing its financing by another $3bn to $6bn and doubling its deferred oil facility of $1.2bn.

He further said that Saudi Arabia would also construct a Petrochemical Complex in Gwadar at an estimated investment of $11 to $12 billion.