Imran Khan hails economic assistance from Saudi Arabia, UAE and China


ISLAMABAD: Prime Minister Imran Khan has hailed the assistance that Pakistan received from Saudi Arabia, United Arab Emirates (UAE) and China to overcome the country’s economic challenges. In a televised speech late Tuesday night following the presentation of fiscal budget proposal in the parliament, Khan said that the three friendly countries helped Pakistan in difficult times.

Revenue Minister Hammad Azhar also underlined the importance of the financial aid received from Saudi Arabia, UAE and China while presenting the budget proposal in the National Assembly on Tuesday.
Saudi Arabia gave Pakistan $3 billion in foreign currency support along with a $3 billion facility in deferred payments for oil imports to help the country’s wobbling economy.   Prime minister’s adviser on finance, Abdul Hafeez Shaikh, confirmed last month that Saudi Arabia would activate the deferred payment facility for oil imports to Pakistan from July 1, 2019 — a move that will see Islamabad receive $3.2 billion per year for three years.  
Islamabad further received $3 bn in economic assistance from the UAE in December 2018 to boost its depleting foreign reserves.  
Pakistan’s close ally and an all-weather friend China also lent $2.2 bn in March this year to steer Islamabad out of its economic woes.
Beijing is also investing close to a staggering $60 bn in Pakistan under the China Pakistan Economic Corridor (CPEC) projects.