Saudi Arabia pledges $6 billion to Pakistan to address financial crisis


RIYADH -- Saudi Arabia pledged $6 billion (Rs. 801.8 billion) to Pakistan Tuesday (October 23) to shore up Islamabad during its widening balance of payment crisis, said Pakistan's Foreign Ministry Tuesday (October 23).

The agreement came during a visit by Prime Minister Imran Khan to Riyadh, the Saudi capital, for an investment conference where he met with King Salman bin Abdulaziz.

The two countries "agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as the balance of payment support," read the statement.

"It was also agreed that a one-year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia," the statement added.

Pakistan is also seeking a bailout package from the International Monetary Fund.

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