Ishaq Dar claims securing $13 Bn of financial assurance from China, KSA

ISLAMABAD: Finance Minister Ishaq Dar has claimed to have financial assurances from Saudi Arabia and China to the tune of 13 billion dollars that would cope with Pakistan’s need till June 2023.

Talking informally to newsmen in Islamabad, Ishaq Dar elaborated the details of the $13 billion package, saying China this year would extend support to the tune of $8.8 billion that included debt debt rollover.

The federal minister said China would extend the time period of return of deposits of 4 billion dollars, while Pakistan would also be able to get commercial loans of $ 3.3 billion. “China will also provide additional financing of $1.45 billion, and has agreed to start work on ML One and Karachi Circular Railway projects,” he said.

Regarding financial assistance from Saudi Arabia, Ishaq Dar said an additional amount of $4.2 billion was likely to be received from Saudi Arabia, which included reserves of $3 billion and an oil facility on deferred payment. Apart from this, Saudi Arabia will also build a petrochemical complex in Gwadar, he added.