ISLAMABAD – Pakistan has returned $1 billion to Saudi Arabia as a secondinstalment of a $3 billion soft loan after China getting financialassistance in wake of commercial loan from China.
Islamabad paid first instalment of $1 billion to Riyadh in August this yearwhile the third and last instalment will be repaid in January 2021.
With the $1 billion flowing out, Pakistan – which has $13.3 billion incentral bank foreign reserves – could face a balance of payments issueafter clearing the next Saudi installment, the Reuters reported citingofficials.
An official of the foreign ministry told the news agency that China hadcome to rescue Pakistan in this situation.
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China has reportedly agreed to provide financial aid to the tune of $1.5billion to Pakistan for pay off the loan of Saudi Arabia.
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