- Khan addresses Future Investment Initiative Conference in Saudi Arabia
- Pak-India peace important to divert resources from arms race to human: PM
- PM Imran and Saudi King Salman discuss bilateral ties
ISLAMABAD/RIYADH, October 23: Saudi Arabia will provide Pakistan with a deposit of $3 billion for a period of one year as “balance of payment support”, a statement from Prime Minister Imran Khan’s office said Tuesday.
“It was agreed that Saudi Arabia will place a deposit of USD 3 Billion for a period of one year as balance of payment support,” the statement said.
“It was also agreed that a one year deferred payment facility for import of oil, up to USD 3 Billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.”
The development comes as Prime Minister Imran Khan visited Riyadh where the prime minister launched a charm offensive targeting potential investors as Pakistan seeks to secure funds amid a yawning balance of payment crisis.
Apart attending the Future Investment Initiative (FII) conference, the Pakistani premier also met with Saudi Crown Prince Mohammad Bin Salman . The two leaders expressed their desire to further enhance and diversify bilateral cooperation.
Prime Minister Imran Khan also held a meeting with Saudi King Salman bin Abdulaziz in Riyadh.
Prime Minister Imran Khan said peace between Pakistan and India was important to ensure that resources of the two countries be diverted towards human development rather than wasted in non-productive arms race.
“Peace with India is not just important for Pakistan, but for India as well. The money that should be diverted to human resources ends up in non-productive arms race,” the Prime Minister said in response to a question over Pakistan’s efforts to maintain cordial ties with India, at an interactive session of the Future Investment Initiative (FII), being held in Riyadh from October 23-25.-Agencies
