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Pakistan returns $1 bln of Saudi Arabia's soft loan, officials say

Pakistan returns $1 bln of Saudi Arabia s soft loan, officials say
Reuters
12/16/2020
By Asif Shahzad
ISLAMABAD, Dec 16 (Reuters) - Pakistan has returned $1 billion to Saudi Arabia as a second instalment of a $3 billion soft loan, as Islamabad reaches out to Beijing for a commercial loan to help it offset pressure to repay another $1 billion to Riyadh next month, officials said on Wednesday.
Analysts say it is unusual for Riyadh to press for the return of money. But relations have been strained lately between Pakistan and Saudi Arabia, historically close friends.
With the $1 billion flowing out, Pakistan - which has $13.3 billion in central bank foreign reserves - could face a balance of payments issue after clearing the next Saudi instalment. ....

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Detailed text TV channel - FOXNEWS - May 30, 2013:21:58:00

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