Pakistan pays $1 billion back to Saudi Arabia as second instalment

KARACHI: Pakistan has repaid $1 billion out of $3 billion loan as a second instalment plan to Saudi Arabia, local media reported on Wednesday.

Previously, One billion dollars were given back in August and the last instalment is expected to be paid by January, 2021.

In 2018, Saudi Arabia agreed to provide a financial package worth of $6.2 billion for three years. The package comprised of $3 billion in cash, while oil and gas were worth $3.2 billion.

Moreover, on Thursday, Beijing has agreed to offer $1 billion as a financial aid to Pakistan. It has happened for the second time that China has come forward to help in regard to pay off the Saudi Arabian debt.

The China’s aid will help Pakistan maintain balance of payments issue in the central bank.