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2018-10-24 11:15:00

SAUDIS - PAKISTAN SUPPORT: $6 BLN

SAUDIS - PAKISTAN SUPPORT: $6 BLN

REUTERS - Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis, Pakistan's government said on Tuesday.

The $6 billion total exceeds forecasts by analysts and will likely reduce the size of any bailout Pakistan it receives from the International Monetary Fund (IMF), with whom it is currently engaged in talks on a rescue package.

The Saudi agreement came as new Pakistani Prime Minister Imran Khan attended a Saudi investment conference that has been boycotted by several other leaders over the death of a dissident Saudi writer at the country's consulate in Istanbul.

Khan had said before departing that his country is "desperate" to shore up its foreign currency reserves, which are at a four-year low, equivalent to less than two months' imports and barely enough to make its debt repayments through the rest of the year.

Finance Minister Asad Umar this month requested talks with the IMF for the country's second bailout in five years. An IMF team is due to visit Pakistan to open negotiations on Nov. 7.

Khan had however sought to avoid going to the IMF and still wants to at least reduce the size of any bailout by appealing to "friendly countries" for bilateral financial support.

Khan had visited Saudi Arabia last month in his first overseas trip since taking office in August, but that trip failed to produce any significant assistance, despite Pakistani media reports of agreements on deferred oil payments.

Pakistan's Foreign Ministry on Tuesday night said the latest visit had met with success.

"It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support," the ministry said in a statement.

"It was also agreed that a one year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter."

Khan is scheduled to visit China next week.

Pakistani officials have been concerned the United States, which has fallen out with Islamabad, will push the IMF to impose harsh conditions on Pakistan as part of any bailout.

Pakistani analysts say reducing the size of the bailout package needed from the IMF would shore up Pakistan's weak position during negotiations with the fund.

 

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Earlier: 

 PAKISTAN - RUSSIA GAS PIPELINE: $10 BLN
2018, September, 28, 09:50:00

PAKISTAN - RUSSIA GAS PIPELINE: $10 BLN

ET - In a major breakthrough, Pakistan and Russia are set to sign a $10-billion offshore gas pipeline deal on September 27 in Moscow, a project planned by the latter to capture the energy market of Pakistan.

 

 TAPI PIPELINE FOR CHINA
2018, August, 10, 10:40:00

TAPI PIPELINE FOR CHINA

REUTERS - Originating at the giant Galkynysh gas field in Turkmenistan, the $9.6 billion TAPI (Turkmenistan, Afghanistan, Pakistan and India) pipeline involves the four countries’ own energy companies, and would carry 33 billion cubic metres (bcm) of gas a year.

 IAEA - PAKISTAN COOPERATION
2018, March, 18, 11:35:00

IAEA - PAKISTAN COOPERATION

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 РУССКИЙ ГАЗ ДЛЯ ПАКИСТАНА
2018, February, 27, 13:35:00

RUSSIAN GAS FOR PAKISTAN

GAZPROM - The parties discussed the prospects for bilateral cooperation, including the potential for supplying LNG from the Gazprom Group’s portfolio to Pakistan, as well as collaborating in hydrocarbon exploration and production in the country.

 PAKISTAN OIL DEMAND UP 13%
2017, March, 14, 18:35:00

PAKISTAN OIL DEMAND UP 13%

Pakistan's economy expanded 4.2% in 2016, foreign investment has continued to grow -- attracted by the multi-billion dollar China-Pakistan Economic Corridor project -- and improvements in the country's security front, following the government's efforts to combat terrorism, have also led to economic gains and additional investment.

 LNG FOR PAKISTAN
2017, January, 20, 18:35:00

LNG FOR PAKISTAN

Pakistan LNG Limited opened the financial bids for the supply of 240 shipments of LNG January 19. Gunvor has bagged a five-year contract to supply 60 shipments while Eni has been awarded a 15-year contract to supply 180 shipments.

 PAKISTAN IS BETTER FOR WBG
2016, October, 31, 18:55:00

PAKISTAN IS BETTER FOR WBG

Pakistan announced a three year road map to improve its global ranking on doing business earlier this year. Consistent with that, the country completed three reforms in the past year in Registering Property, Getting Credit and Trading Across Borders. The highest number in a single year over the past decade.

Tags: SAUDI ARABIA, PAKISTAN