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China agrees to provide 1.5 billion dollar to Pakistan to repay Saudi debt

Monday, December 14, 2020

 China agrees to provide  1.5 billion dollar to Pakistan to repay Saudi debt

  • China has agreed to immediately provide  1.5 billion to Pakistan to repay a loan from Saudi Arabia.
  • This is the second time that China has come forward to help Pakistan. In the first quarter of this financial year, Pakistan also repaid a  1 billion loan to Saudi Arabia with the help of China.
  • Thus, Pakistan will repay  2 billion dollar of the  3 billion dollar loan taken from Saudi Arabia with 3% interest.
  • According to sources, the government of Pakistan will pay  1 billion to Saudi Arabia by tomorrow, while the remaining  1 billion will be paid by Pakistan next month.
  • When contacted, Finance Ministry officials said it was a secret matter between the two countries.
  • A senior official involved in the development said the fundraising was part of the IMF program and that the lending authority had verbally and in writing guaranteed at the time of the agreement that any changes to the agreement would be made during the package period. Can go
  • The head of the IMF mission for Pakistan, Ernesto Ramirez Ragu, also visited China for ratification at the time of the financial payments agreement.
  • It may be recalled that the money was deposited in the account of State Bank of Pakistan by Saudi Arabia on December 15, 2018 for a period of three years and Pakistan is repaying this amount ahead of schedule.


Author

OTG Newz