|
Pakistain Borrows $1 Billion from Chinese Peter To Pay Back $1 Billion Saudi Paul
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... . The country paid back $1 billion out of a $3 billion loan that it secured one and a half years ago to avoid default on international debt obligations. According to the Pak Ministry of Finance and the State Bank of Pakistain (SBP), Pakistain has taken the loan of $1 billion from China to pay back the Saudi Arabia loan. In October 2018, Saudi Arabia had agreed to provide the financial package of $6.2 billion to Pakistain for three years. This included $3 billion in cash assistance and $3.2 billion worth of annual oil and gas supply. As per the agreement, the Saudi cash and oil facility was for one year with an option to roll over the amount at the end of the year for a period of three years. Pakistain was paying 3.2 percent interest on the $3-billion facility, according to the information that the Ministry of Finance. In its report in April this year, the International Monetary Fund (IMF) stated that "Saudi Arabia also refinanced $3-billion BOP (balance of payments) support loans that matured in November (2019)-January (2020)." However, it was a brave man who first ate an oyster... the repayment of $1-billion loan within six months of its renewal was surprising. Posted by: Fred 2020-08-07 |
|
| http://www.rantburg.com/poparticle.php?ID=578979 |