Tag: Saudi Arabia

China bails out Pakistan to pay Saudi debt again
13Dec By Mike TrudellNo Comments
China, Singapore, World

China bails out Pakistan to pay Saudi debt again

Pakistan is saved yet again as China has agrees to immediately provide $1.5 billion financing line to Islamabad to repay the $2 billion Saudi Arabia debt.Now, out of $2 billion, Pakistan is set to return the $1 billion on Monday, said sources in the finance ministry and the State Bank of Pakistan (SBP). “The remaining $1 billion is due in January,” they added.“However, this time, China has not given the loan from its State Administration of Foreign Exchange, commonly known as SAFE deposits, nor has it extended a commercial loan,” said the sources.Instead, both the countries have agreed to augment the size of a 2011 bilateral Currency-Swap Agreement (CSA) by an additional 10 billion Chinse Yuan or around $1.5 billion, the sources said. This has increased the size of the overall trade facili...
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Pakistan FM Qureshi faces criticism for slamming Saudi Arabia over Kashmir
28Aug By Mike TrudellNo Comments
World

Pakistan FM Qureshi faces criticism for slamming Saudi Arabia over Kashmir

Pakistan's Foreign Minister Shah Mehmood Qureshi is facing heat over his remarks against Saudi Arabia for refusing to interfere on Kashmir issue.The differences in their relations surfaced when Pakistan was made to pay back USD 1 billion to Saudi Arabia. This reflected the fact that Islamabad is gradually losing the support of other Muslim countries.Recently two Pakistani journalists -- Rauf Klasra and Amir Mateem -- held a discussion on the sudden policy shift of Saudi Arabia towards Pakistan."Sometimes Qureshi speaks emotionally. He gets carried away," Mateem said.“As Pakistan, which is in a financial crisis, is dependent on Saudi Arabia, Qureshi should have been cautious of making any statements”, he said, adding: "As we are very much dependent on Saudi Arabia, we should complain only t...
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Saudi Arabia defers to renew pact to supply oil to Pakistan on deferred payments
26Aug By Michael SmithNo Comments
USA

Saudi Arabia defers to renew pact to supply oil to Pakistan on deferred payments

Saudi Arabia is yet to renew an agreement worth $3.2 billion with Pakistan that allows oil supplies on deferred payments after that pact expired two months back and decision about its renewal remains pending with Riyadh.According to media reports, the $3.2 billion Saudi oil facility was part of the $6.2-billion Saudi Arabian package announced in November 2018 to ease Pakistan’s external sector woes.“Pakistan has already prematurely returned $1 billion Saudi loan - four months ahead of its repayment period. Pakistan could also return $2 billion remaining Saudi cash loan, subject to availability of similar facility from China. The agreement over $3 billion cash support and $3.2 billion oil facility per annum had the provision of renewal for two more years…Saudi Arabia has not provided the oi...
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