Pakistan: Troubled Imran got Saudi support, agreed to give loan of $ 3 billion, money will have to be kept in the central bank for a year
The FATF’s decision to keep Pakistan in the gray list has made it difficult to get international loans. Imran Khan also went to Riyadh last month to seek help from Saudi investors and businessmen to save the country’s deteriorating economy. This help came only after his request.
Cash-strapped Pakistan will soon get a loan of $3 billion from Saudi Arabia. As per the agreement, the assistance amount will remain in the deposit account of SBP for one year. The cabinet led by Prime Minister Imran Khan has agreed to keep this amount in the central bank of the country. On the other hand, the government said that Pakistan is expecting to receive $ 7 billion in the next 60 days from only three sources.
According to the report of news agency PTI, the Saudi government had promised to keep reserves of three billion dollars in the State Bank of Pakistan. SBP has finalized all the procedures. This amount will be received in the next few days. This is a big relief for the Imran government, because the PM himself had admitted that there was no money left to run the country.
Keep in mind that FATF’s decision to keep Pakistan in the gray list has made it difficult to get international loans. Imran Khan also went to Riyadh last month to seek help from Saudi investors and businessmen to save the country’s deteriorating economy. This help came only after his request. However, Saudi has helped Pakistan many times in the past in times of economic crisis. Saudi is the only country that has been supporting Imran in difficult situations.
The plight of Pakistan has become so much that the government has been compelled to rent out the PM’s residence. Imran Khan himself is staying at Bani Gala residence. He only uses the Prime Minister’s Office. Pakistan’s economy has shrunk by $19 billion in the last three years since Imran came to power. When he became the Prime Minister, he took many tough steps to cut government spending to give relief to the country’s economy. But their effect was visible only for some time. The situation is the same again, because the government fund is completely empty.
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