Lahore, 7th August: Reportedly Pakistan owes $1 billion to Saudia Arabia, so it recently borrowed $1 billion from China to pay off that loan. As always, Pakistan has turned back to its long term loyal friend China for help so it does not default on international debt obligations. According to the Pakistani Ministry of Finance and the State Bank of Pakistan (SBP), Pakistan has taken a loan of $1 billion from China to repay a $1 billion loan taken from Saudi Arabia. Desperate Pakistan did so because it had defaulted the payment due to which Saudi Arabia would have reduced its financial support. China and Saudi Arabia Maintain Normal Energy Cooperation: Chinese Foreign Ministry In October 2018, 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. Saudia gave $1 Billion to Pakistan in November 2018 and $1 Billion in December 2018 while the last $1 Billion was paid in January 2019. ML-I railway project finalized between Pakistan and China: Sheikh Rashid It is believed that the Chinese government has provided $1 billion … Continue reading Pakistan takes $1 Billion loan from China