Saudis offer Pakistan $6 bln rescue package to ease economic crisis

‘We are desperate for loans’: Pakistan PM says he must attend conference in Saudi Arabia

PM Imran departs for Saudi Arabia

The Crown Prince agreed to the Prime Minister s suggestion to reduce visa fee for Pakistani workers, which is a significant step towards enhancing Pakistan s workforce in Saudi Arabia, as well as facilitating travel of people from both countries.

The Kingdom has also agreed to provide Islamabad a one-year deferred payment facility for import of oil, worth up to $3 billion.

It was agreed that Saudi Arabia will place a deposit of U.S. $3 billion for a period of one year as balance-of-payment support.

India fired back at Pakistani PM Imran Khan, saying his country should stop "glorifying terrorists". This arrangement will be in place for three years, which will be reviewed thereafter.

Federal Minister for Information and Broadcasting Fawad Chaudhry said Tuesday that the respect being given to Prime Minister Imran Khan in Kingdom of Saudi Arabia showed what status Pakistan enjoyed in the Muslim Ummah.

"The reason I feel I have to avail myself of this opportunity is because in a country of 210 million people right now we have the worst debt crisis in our history", he was quoted as saying.

"We are speaking to the International Monetary Fund and friendly governments to help us get through this hard phase", he said, adding that there is a tough period ahead for the country.

Khan had said before departing that his country is "desperate" to shore up its foreign currency reserves, which are at a four-year low, equivalent to less than two months' imports and barely enough to make its debt repayments through the rest of the year.

Khan, who was elected prime minister in July, is in Saudi Arabia for the second time this month seeking to shore up financial aid as the country reels from a looming balance of payments crisis.

The premier will also call on King Salman and meet Crown Prince Mohammad Bin Salman.

"It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support", the ministry said in a statement.

He also said peace in Afghanistan would help Pakistan to have an easy access to the Central Asian States for bilateral economic and trade activities.

Although the Foreign Office handout did not mention Reko Diq, Saudi Arabia is keen to invest in the copper and gold mines and discussed the matter during the October visit.

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".

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