How GCC Is Lending Pakistan a Lifeline Rope
- Date: 01-May-2022
- Source: Al Bawaba
- Sector:Financial Services
- Country:Gulf
How GCC Is Lending Pakistan a Lifeline Rope
Pakistan, whose economy has been deteriorating, has once again seek rescue from the Gulf nations who never fail to financially support the struggling country in a way or another.
During his latest visit to Saudi Arabia, Pakistani Prime Minister Shehbaz Sharif managed to secure around $8 billion, Indian local media reported.
The Saudi package includes doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities, The News newspaper reported. The report also mentioned that "technical details are being worked out and it will take a couple of weeks to get all documents ready," citing top official sources privy to the development.
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