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Pakistan to seek IMF bailout despite $ 6 billion Saudi rescue

October 24, 2018 World 2 Views ISLAMABAD (Reuters) – Pakistan is still planning to seek a bailout from the International…

ISLAMABAD (Reuters) – Pakistan is still planning to seek a bailout from the International Monetary Fund (IMF) despite a Saudi Arabian offering of a $ 6 billion rescue package, Pakistan’s finance ministry said on Wednesday.

FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S. September 4, 201

8. REUTERS / Yuri Gripas / File Photo

“Ahmed, spokesman for the ministry, told Reuters in a text message.

FILE PHOTO: Cricket star-turned politician Imran Khan, chairman of Pakistan Tehreek-e-Insaf (PTI), speaks to members of media after casting his vote at a polling station during the general election in Islamabad, Pakistan, July 25, 2018. REUTERS / Athit Perawongmetha / File Photo

On Tuesday, Pakistan announced that Saudi Arabia had 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 offset a current account crisis.

Pakistan’s main stock market index shot up 3.3 percent in early trading on the news of the Saudi help.

Prime Minister Imran Khan said this week Pakistan was seeking help from “friendly nations”, which is usually a reference to close allies of Saudi Arabia and China, to go with any IMF program.

Khan is due to travel to China in the first week of November, where he is expected to seek further assistance.

Reporting by Drazen Jorgic; Editing at Nick Macfie

Our Standards: The Thomson Reuters Trust Principles.

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