ISLAMABAD: Finance Minister Ishaq Dar said that China and Saudi Arabia are extending a financial package of $13 billion to Pakistan.
China will provide $9 billion financial package while Saudi Arabia will give $4 billion to Pakistan government in 2022-23.
Talking to reporters, Finance Minister said that these package were in addition to the rollover of sovereign loan deposits, commercial loans, SWAPS and increase in limit of oil facilities on deferred payment.
Dar said, “China and Saudi Arabia have assured Pakistani delegations under Prime Minister Shehbaz Sharif during recent visits that they will extend their full support to Islamabad’s financial needs till June 2023.
Dar was optimistic of improvement in the value of rupee against the US dollar in coming weeks.
Finance Minister further explained that China assured Pakistan of roll over of $4 billion sovereign rollover deposits.
Dar also stated that China has given a go-ahead for enhancing the SWAPS amount by giving an additional $1.45 billion and with this amount the total Chinese package will be around 9 billion.
Finance Minister said the government was considering offering investment opportunities to KSA, including sale of RLNG-based power plants.
Dar said that the Asian Infrastructure Investment Bank (AIIB) will approve $500 million as co-financing of ADB’s BRACE programme of $1.5 billion within Nov 2022.