Pakistan returns $1 billion of Saudi Arabia's soft loan, officials say

[Bawag]

MBS is hyper kid... he totally failed to understand Kashmir importance for Pakistan and now also for China. Older Saudi ruling class was totally aware of Pak stance on Kashmir and specially King Faisal fully supported Pakistan. But this kid .................

Understandable! However, he is going to be the future King So buckle up Pakistan. At international politics and diplomacy front, Turkey is the counter-weight for Saudi Arabia (but not at economic front).

But the caveat here is that if Turkey keeps doing policy blunders with their EU and Western allies, Pak will be at the losing side too.

 

[H!TchHiker]

So a lender is being cursed just for asking his due payment...strange behaviour

 

[Rizwan Alam]

So a lender is being cursed just for asking his due payment...strange behaviour

True... They helped us when we were broke. Never came a time in our history when we said "okay.. Dollars are overflowing, take back your money." return with digniry rather continue paying interest for foreseeable future.

 

[RIP Pak LAW]

Thankyou Saudia Arab. Dawn and some ignorants on PDF, are looking for some controversy here which is not the case. As per the contract, Pakistan has to pay back the credit in 2 years time which is happening now. But as per IMF requirement, Pakistan has to maintain $12 billions reserves in central bank for next 5 years so in order to maintain that threshold (currently its $13.3 billions), Pakistan has contracted China with $2.5 billions credited in June this year. $1 billions were credited to State bank in July and further $1.5 billions will be credited these days, if not already. Pakistan has to return China's credit by 2022/23 as well.

Lastly UAE $ 2 billions credit is due late next year as well. I am not sure how will we rearrange that unless we signs off another credit line with China.

 

[AZADPAKISTAN2009]

Since the thread is about Paying off debt
I am glad Pakistan paid off a short term debt / loan

This has been a very positive news in last few months , that Pakistan is able to swiftly pay back the funds

If some folks want to run a economy on Borrowed cash that was never the intent for Imran Khan's government , the goal was always to make necessary reforms , and corrections in economic system / model in Pakistan , so a short term solution was used to correct procedural practices and introduce laws to fight corruption and money laundering

The "Khata Hai To Lagata Hai culture of PML and PPP is long gone folks !"

New mindset is "Long Term Policy Making !!"


Pakistan - Saudia , Friendship is close as ever


We hope Saudia - Turkish relations will find a positive gain
We hope Saudia- Iran relations will improve


Saudia-Qatri relations have recently improved in last few days after a period of uncertainty

 

[Wikki019]

1st time come to know that borrow money from other country to pay the loan amount to another country is called economy is stabilized.

So what is difference before and now if only lender is changed?

As CAD is not increasing rapidly now, back then it was dollar 2 billion per month. We can now focus on stabilization and debt servicing hence it is far better than in 2018.

 

[fitpOsitive]

Kerza tu daina hi hota hai, ghussa kis bat ka.

 

[HAIDER]

Understandable! However, he is going to be the future King So buckle up Pakistan. At international politics and diplomacy front, Turkey is the counter-weight for Saudi Arabia (but not at economic front).

But the caveat here is that if Turkey keeps doing policy blunders with their EU and Western allies, Pak will be at the losing side too.

I doubt Turkey has anything to do with Saudi policy .. it more like acceptance of Israel ...

Saudi money is not free aid and has nothing to do with IMF Loan.


Saudi Arabia had agreed to provide $6.2 billion worth of financial package to Pakistan for three years. This included $3 billion in cash assistance and $3.2 billion worth of annual oil and gas supply on deferred payments.

As per the agreement, the Saudi cash and oil facility was for one year with an option to roll over the amount at the end of the year for a period of three years.

Pakistan was paying 3.2% interest on the $3-billion facility, according to the information that the Ministry of Finance shared with the National Assembly. 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.

 

[Type59]

MBS is the one worried. Yemen war will soon end after Biden assume presidency.

 

[Max]

If we aggressively cut our dependence on imported fuel and get rid of loss making state owned enterprise, we will not only get rid of international blackmailing but will be able to build our own reserves.

 

[Abu Dhabi]

MBS is the one worried. Yemen war will soon end after Biden assume presidency.

I am sure everyone , including KSA, are eager for the war to end. However, I also pray Houthis and the Iranian regime stop sending missiles to KSA. You know, since a sovereign state is obliged to respond ....

 

[Jugger]

Taking a loan to payoff another loan.
Great going..... may God bless Pakistan with even bigger loan approvals.

Debt trap is real guys...!

 

[kingQamaR]

I am sure everyone , including KSA, are eager for the war to end. However, I also pray Houthis and the Iranian regime stop sending missiles to KSA. You know, since a sovereign state is obliged to respond ....

I wouldn’t hold your breath on this Iran country acting or being normal, they got some horrible thoughts for all.

Pakistan is too sick to death of this country’s caught arming our militants. If it wasn’t for eastern neighbour enemy india we would have dealt with Iran appropriately long time ago

 

[Type59]

I am sure everyone , including KSA, are eager for the war to end. However, I also pray Houthis and the Iranian regime stop sending missiles to KSA. You know, since a sovereign state is obliged to respond ....

Never trust the children of millionaires. MBS has had life of luxury, hence not experienced failure. With his clouded outlook he made rash decisions, thinking money can solve everything. Tried to drag Pakistan into conflict, but got mad when said no. Yemen conflict is in stalemate, Qatar is still alive and kicking and worse Trump has not crushed Iran.

 

[Abu Dhabi]

Never trust the children of millionaires. MBS has had life of luxury, hence not experienced failure. With his clouded outlook he made rash decisions, thinking money can solve everything. Tried to drag Pakistan into conflict, but got mad when said no. Yemen conflict is in stalemate, Qatar is still alive and kicking and worse Trump has not crushed Iran.

I will have to Disagree. Only time will prove my stance on MBS.

Qatar is a live and kicking toddler. Yes. Bigger more powerful neighbors don't flinch at its presence and haven't flinched for over 20 years when said toddler continued to annoy. However, recently, this toddler started opening the front door and letting in strangers who mean harm to the area. Toddler needed to be slapped on the hand and trust me, it hurt then and it still hurts now.

Also, i am referring to the top gov.officials in Qatar , not the people. They are our cousins and family, much respect and love for them.