Pakistan may return $2 billion Saudi Arabian loan and is looking for various options to secure more lending aimed at retaining gross official foreign exchange reserves at their current level of over $12 billion, Ministry of Finance sources told The Express Tribune. The finance ministry had been requested to comment on whether Pakistan will payback $1 billion to Saudi Arabia next month and whether it will also return a $2 billion loan to the United Arab Emirates (UAE). Saudi Arabia had agreed to provide $6.2 billion worth of financial package to Pakistan for three years. The Saudi oil facility has already been suspended while Pakistan has also paid back Saudi Arabia $1 billion out of the $3 billion in May this year. The $3 billion facility is also expiring in May next year, which Pakistan has decided to request China to rollover.

Source: The Express Tribune November 07, 2020 05:37 UTC