China, SA to provide $13b package: Dar

F.P. Report

ISLAMABAD: Finance Minister Ishaq Dar has said that China and Saudi Arabia have agreed to provide $13 billion package to Pakistan.

During an informal talk with journalists, the finance minister divulged that during current fiscal year, China apart from rolling over its loans, will provide $8.8 billion financial support to Pakistan which includes $3.3 billion loans from Chinese commercial banks and $1.45 billion additional financing. Dar said that there was likelihood of additional $4.2 billion financial assistance from Saudi Arabia which includes $3 billion additional package and supply of Saudi oil on deferred payment.

Saudi Arabia will also build a $10-12bn petrochemical refining project at Gwadar, the finance minister said adding that the leadership in China and KSA assured Prime Minister Shehbaz Sharif of their cooperation. Apart from this, Pakistan was also engaging the KSA in privatization transactions like in LNG power projects and shares in other entities to ensure non-debt creating foreign inflows.