Saturday, January 23, 2021

Pakistan Economic Crisis Gets Royal Saudi Boost by $3 Billion USD

Pakistan economic crisis has been addressed by Saudi Arabia for the time being as Riyadh has agreed to provide $3 billion in foreign currency support for a year and allow it to defer payments for oil imports.

The pact came as new Pakistani PM Imran Khan attended a Saudi investment conference which was boycotted by various other leaders over the death of a dissident Saudi journalist Jamal Khashoggi in Istanbul.

Imran Khan had stated before departing from Pakistan that his country is “desperate” to shore up its foreign currency reserves, which are at a four-year low, equivalent to less than two months’ imports and barely enough to make its debt repayments.

Pakistan Finance Minister Asad Umar earlier this month requested talks with the International Monetary Fund (IMF) for the country’s second bailout in five years. An IMF team is due to visit Pakistan to open negotiations on Nov. 7. Khan had however sought to avoid going to the IMF and still wants to at least reduce the size of any bailout by appealing to “friendly countries” for bilateral financial support.

Earlier, the West blamed the CPEC project for the economic crisis in Pakistan, but China has blatantly rejected the allegations stating that the ongoing financial crisis in Pakistan has nothing to do with the China-Pakistan Economic Corridor (CPEC).

Other News at EurAsian Times

 

Featured

​China’s Growing Global Stature As Weapons Producer Threatens Russia’s Export Revenues

China overtook Russia to become the world's No. 2 arms producer between 2015 and 2019, according to data released by the Stockholm International Peace...

Why Anti-Israel Rhetoric Keeps Resurfacing In Pakistan Despite Imran Khan Ruling Out Ties With Jewish State?

Pakistan is witnessing a wide-scale anti-Israel movement led by Maulana Fazlur Rehman of the Jamiat Ulema-e Islam (Fazl), a right-wing Islamist party, which opposes...

Why India’s Ruling Party BJP May Wash Its Hands Of Supreme Court-Monitored NRC Exercise

India’s biggest dilemma vis-à-vis the issue of illegal immigration from Bangladesh is that its all-weather ally Dhaka never acknowledges this as their problem. And...

India’s Arsenal Of Nuclear Weapons Growing; Rafale Jets Remain The Ideal Choice For Delivery – Analysis

Has India has slowly & steadily been building its inventory of nuclear weapons that could be delivered, in times of need, by the newly-acquired...

Did A Piece Of ‘Defunct Alien Technology’ Zoom Past Our Solar System?

Did a piece of 'defunct alien technology' visit our solar system three and a half years ago? As scientists continue to search for signs...