Pakistan repays $1 billion to Saudi Arabia after securing Chinese bailout: officials ...Kuwait

A Pakistani official was quoted as saying that 'China has come to our rescue'.Pakistan has returned $1 billion to Saudi Arabia as the second instalment of a $3 billion soft loan, Pakistani officials said on Wednesday. The repayment followed Islamabad's securing of a $1.5 billion bailout from Beijing through an expansion of a bilateral Currency-Swap Agreement (CSA). “China has come to our rescue,” a foreign ministry official told Reuters. A finance ministry official told the London-based news agency that the State Bank of Pakistan was in talks with Chinese commercial banks. “We've sent $1 billion to Saudi Arabia,” the official said, adding that another $1 billion will be repaid to the kingdo

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Last updated : 18 Dec 2020 clock 05:15 PM

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