The Kingdom Has Pledged To Give US $3 Billion In Support To Pakistan To Help It Prevent A Budget Crisis

The Kingdom has pledged $ US 3 billion to support Pakistan and allow for a deferred oil payments to help refrain it off a budget crisis.

According to Arab News, the deal was a direct result of Pakistani Prime Minister Imran Khan’s attendance at the opening of the Future Investment Initiative (FII) in Riyadh on Tuesday.

(Image Credits: Instagram/ @imrankhan.pti)

Khan met with The Custodian of the Two Holy Mosques, King Salman and Crown Prince MBS prior to the conference

For Khan’s second visit to the Kingdom, he met with King Salman and MBS to discuss bilateral issues. During his visit, “it was agreed that Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support,” according to a statement from the Pakistan Foreign Ministry.

The arrangement between the two countries states that a one-year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. The arrangement will be intact for three years, and will be reviewed from then.

Imran Khan addressed a number of issues in Pakistan at the conference

During the FII conference, Khan confirmed that Pakistan was in discussion with the International Monetary Fund (IMF) for a new bailout. Pakistan is also looking for foreign aid to help receive a huge budgetary gap which the prime minister had blamed his country’s previous administration and its mismanagement.

Khan has now been in office for a little more than 60 days and promised (during his election campaign) that he will help create 10 million jobs and establish an “islamic welfare state.”

READ MORE: Pakistanis Everywhere Are Proud Of Their Prime Minister Imran Khan For His Statements At The FII Conference