Islamabad, 17th December: Pakistan has returned $1 billion out of its $3 billion loans to Saudi Arabia.
Baagi TV: According to reports, Pakistan has repaid $1 billion to the Kingdom of Saudi Arabia on Wednesday as the second instalment of a $3 billion soft loan.
Pakistan was able to pay back its loan amount after Beijing agreed to provide a $1 billion financing line to Islamabad, sources confirmed to Geo News on Thursday.
This is the second time China has come to Pakistan’s rescue to repay the Saudi debt. Earlier this year, Islamabad repaid $1 billion to KSA in the first quarter of the current fiscal year.
With the latest repayment, Pakistan has so far repaid $2 billion out of the total $3 billion debt. Islamabad had paid mark up of over 3% on SAFE deposit.
It is pertinent to note here that in 2018, Saudi Arabia gave Pakistan a $3 billion loan and a $3.2 billion oil credit facility.
The money was deposited in State Bank of Pakistan on December 15, 2018, with a three years maturity period.
Islamabad is repaying the amount ahead of schedule. Reportedly, the last portion of $1 billion will be repaid next month.
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