Friendly countries ready to help Pakistan financially: report
- By Web Desk -
- Oct 29, 2018
NEW YORK: Friendly countries are ready to help Pakistan to steer it out of the current ‘feeble’ economic condition, reported Voice of America (VoA) on Monday (today).
“China is ready to provide economic grant to Pakistan, while United Arab Emirates (UAE) is also mulling over to give package worth 6 billion dollars to Pakistan to strengthen its economy “, reads as report of the news channel.
According to VoA foreign reserves of Pakistan have diminished up to eight billion dollars, adding that it [Pakistan] requires 12 billion dollars immediately to pay installment of foreign and local debt.
Highlighting the PM visit, VoA further said that “Visit of Prime Minister Imran Khan to China on November 2, will bring fruitful results for Pakistan.”
Prime Minister is visiting China from November 2-5 at the invitation of the Chinese leadership to discuss whole range of bilateral issues besides inking a number of agreements.
During the visit, according to the Foreign Office, the prime minister will hold meetings with Chinese President Xi Jinping and Premier Li Keqiang and review the bilateral relations.
Both sides will sign several Agreements/MoUs of cooperation in diverse fields, the Foreign Office said.
After his visit to Beijing, the premier will visit Shanghai to participate in First China International Import Expo in Shanghai, where Pakistan is exhibiting a wide range of export products.
On October 24, Kingdom of Saudi Arabia agreed to provide bailout package of $6billion to Pakistan to steer it out of ‘crunch’ financial situation.
It was also agreed that a one year deferred payment facility for import of oil, up to $3billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.
Saudi Arabia also confirmed that it is interested in investing in a petroleum refinery in Pakistan. The MoU in this regard will be signed after obtaining cabinet approval.
The Kingdom expressed interest in development of mineral resources in Pakistan. Prime Minister Imran Khan while addressing to the Nation after bailout package from KSA, thanked the kingdom and said “We are making efforts to get monetary assistance from other friendly countries.”