Imran Khan leaves for Saudi conference saying Pakistan 'desperate' for loans

Imran Khan leaves for Saudi conference saying Pakistan 'desperate' for loans

Imran Khan leaves for Saudi conference saying Pakistan 'desperate' for loans

Addressing a question and answer session at the three-day Future Investment Initiative Conference in Riyadh, Khan said: "Pakistan needs a lasting peace and stability to provide an enabling environment to the local and foreign investors in different projects in the country".

Saudi Arabia has reposed its confidence on the "sagacious, dynamic and scintillating" leadership of Prime Minister Imran Khan by offering a $12 billion package to help the country's address it's financial crunch, said SAARC Chamber of Commerce Senior Vice President and United Business Group Chairman Iftikhar Ali Malik.

"This arrangement will be in place for three years, which will be reviewed thereafter", Pakistan's Finance Ministry said in a statement.

During a meeting with Punjab Governor Chaudhry Muhammad Sarwar on Wednesday, he said the people of Pakistan were proud of Saudi Arabia as it always helped Pakistan through hard times, adding that the generosity of the Saudi government should never be forgotten.

Terming as "deeply regrettable" Pakistan Prime Minister Imran Khan's remarks on Kashmir, India on Monday said that instead of making comments on internal affairs of another country, Islamabad should take "credible action" to dismantle terror infrastructure operating from its soil.

Khan added, "Now what we are hoping is that we wait until the elections then again we will resume our peace talks with India".

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The Gulf kingdom also pledged an additional loan worth up to $3bn in deferred payments for oil imports, Pakistan's foreign ministry said in a statement on Tuesday. The current account deficit has swelled to about $18 billion.

He said that Pakistan is now talking to other countries and told the people to expect more good news in the future.

The situation could further improve if China also makes some commitments to rescue its "all-weather friend", it said, noting that Khan is scheduled to travel to China on November 3 for his first visit. At the end of one year, it's to be returned to Saudi Arabia.

And there are strong indications that top Saudi leadership - Saudi Crown Prince Mohammad bin Salman in particular - has been involved in the killing. Experts say Sunni and Shiite extremists in Pakistan are funded from Iran and Saudi Arabia.

The visit also comes as Pakistan's central bank warned this week that inflation would likely double in the coming year - hitting 7.5 per cent - while the country's growth target rate of 6.2 per cent would likely be missed.

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