ISLAMABAD - Pakistan is looking at the trusted friends again to revive the economic situation as the country fights destructive floods that have affected millions.
Pakistan hopes to get relief from Saudi Arabia and China to keep moving during the ongoing visit of Prime Minister Shehbaz Sharif to Saudi Arabia and the upcoming trip to China. Prime Minister Sharif has discussed rollover of $3 billion in deposits which mature in December this year, and additional financial support with Saudi Arabian authorities. Pakistan urgently requires rapid financial assistance from friendly countries like Saudi Arabia and China, as well as from the International Monetary Fund (IMF) to avoid a balance-of-payments catastrophe. The PM also discussed the continuance of the oil facility on a payment plan with the Saudi authorities and the realisation of a $10–$12 billion prospective investment for the development of the petrochemical complex at Gwadar Port. Later, PM Shehbaz Sharif also intends to travel to China in the coming days.
