Saudi Arabia’s bailout package welcomed

Islamabad “The Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the Saudi Arabia’s $6 billion bailout package for Pakistan finalised during the recent visit of Prime Minister of Pakistan Imran Khan to the Kingdom and termed it a highly positive development as it would lend direly needed financial support to our ailing economy and improve the confidence of businessmen and investors.

Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said that Pakistan’s forex reserves have tumbled down to a dangerous level while the country was facing serious fiscal deficit and huge debt obligations. In these circumstances, the Saudi Arabia’s package in the form of $3 billion as balance of payments support for one year and another $3 billion in deferred payments on oil imports for three years would provide crucial breathing space to the economy and help it to move forward towards recovery.

He said that Pakistan was importing 110,000 barrels of crude per day from Saudi Arabia and the facility of deferred payments would help the government in dealing with the balance of payment crisis.