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Economic woes: Saudi-backed bank to lend Pakistan $4 billion

ISLAMABAD (Muslim Times) – Saudi Arabia has come to Pakistan’s rescue after United States created hurdles for the country in receiving funds from International Monetary Fund (IMF)

According to a report of Financial times, Saudi Kingdon has given green signal to Jeddah-based Islamic Development Bank to lend Pakistan $4 billion dollar.

The bank however; is waiting for the new government formation, so they can pass the loan.

“The paperwork is all in place,” said one senior adviser in Islamabad as reported by the newspaper. “The IDB is waiting for the elected government to take charge before giving their approval.”

The person added that the loan would not cover Pakistan’s expected financing gap of at least $25bn during this financial year but was “an important contribution”.

Saudi Arabia will help Pakistan to overcome their financial woes by lending them with more than 4 million dollars.

The financing will assist Pakistan meet energy requirements for the next two years and it will eventually allow Pakistan to finance imports of refined petroleum products.

Know More: Pompeo warns against IMF bailout for Pakistan that aids China

Pakistan needs almost around 9 billion dollars to pay back their long-term loans lent by previous governments.

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