KARACHI – China and Saudi Arabia have assured of $13 billion financial support to Pakistan to help the cash-strapped country facing economic fallouts of worst deluges.
Finance Minister Ishaq Dar, who recently wrapped up his China visit, revealed it while talking to media in the capital city, adding that the financial support include rollover of sovereign loan deposits, commercial loans and currency swaps from China as well as an increase in financing and deferred payment facility on oil imports from Saudi Arabia.
He said that the South Asian country has received assurance of over $8.7 billion support from Beijing while Riyadh has promised an additional $4.2 billion for the current fiscal year.
“Don’t worry, we will not let you down,” Dar quoted Chinese President Xi Jinping as telling Prime Minister Sehbaz Sharif in Beijing meeting.
The minister said China has not only expressed readiness to complete the ML-I railway project but also in upgrading Pakistan’s meteorological warning systems with the help of Chinese experts to prevent and tackle natural disasters by timely alerts.
Talking about Saudi Arabia, he said the Kingdom had promised to increase its financing by another $3 billion to $6 billion and doubling its deferred oil payment facility to $2.4 billion.
Saudi Arabia has also agreed to revive the around $10 billion oil refinery and petrochemical project in Pakistan, he said.
