Saudi Arabia's 3b dollars loan rolled over, no extra support needed for now: Aurangzeb
“Finance Minister Aurangzeb says Saudi Arabia’s $3bn loan has been rolled over, with no extra support needed now, and the IMF board may meet in December. ISLAMABA…”
IISLAMABAD —Finance Minister Senator Muhammad Aurangzeb said on Wednesday that Saudi Arabia’s $3 billion loan has been rolled over, with the issue of the Saudi loan put off until a suitable time. Speaking to journalists at Parliament House, he said he had held a productive meeting with his Saudi counterpart on the matter.
Pakistan enjoys strong ties with the kingdom, he said, so there was no cause for concern, and no further financial assistance was required from Riyadh at present. The minister said the country currently holds import cover of three months.
He pointed out that Pakistan must pay roughly 1.5 billion euros each year on Eurobonds, adding that the government aims to make sure no administration struggles to meet these repayments. Aurangzeb also said the board of the International Monetary Fund (IMF) may meet in December, though the date has yet to be confirmed.
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