Amid Bailout Speculation, Imran Khan Goes Saudi To Seek Economic Aid

Charlene Craig
September 19, 2018

There has been recent speculation in local media that Pakistan is eyeing Saudi Arabia and China to provide loans worth billion of dollars in order for Islamabad to avoid going back to International Monetary Fund.

Imran Khan's British national friend and political advisor Sahebzada Amir Jahangir has said that he's not interested in any ambassadorial role but will be working towards taking investment to Pakistan to make "Naya Pakistan".

Pakistan's finance minister, Asad Umar, on Tuesday admitted the economic crisis was deepening before he set off to accompany Mr Khan.

"Iran-Pak ties are on the mend and the Saudis are anxious about it", said Kamal Alam, a Pakistan and Middle East expert at the Royal United Services Institute. "The two leaders will discuss issues of bilateral interest".

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Khan is visiting the Kingdom on the invitation of King Salman bin Abdulaziz and Crown Prince His Royal Highness Mohammad Bin Salman, a statement released by the Foreign Office said.

In 2014, six months after Pakistan obtained its last International Monetary Fund bailout, Saudi Arabia loaned Pakistan $1.5 billion, which the government used to strengthen its currency. The country had foreign currency reserves to cover less than two months of imports and the current account deficit could hit $21 billion this year.

Nothing has come from the government's (Pakistan) side.

According to a Geo News report, seven luxury bulletproof cars were among the cars sold in the auction.

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The arch rivals are facing each other for the first time in the United Arab Emirates since 2006.

The auction was a part of the Pakistan Tehreek-e-Insaf government's austerity measures.

When former cricketer Imran Khan was elected to power in Pakistan, he asserted that he wants cordial relations with India and seeks a quick solution to conflicts between the two countries, including the long-standing Kashmir issue.

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