Ishaq Dar, Federal Minister of Finance, has said that Pakistan’s two closest friends, China and Saudi Arabia, will contribute a multibillion-dollar financial package to assist Pakistan with its shaky economy.

According to the Finance Minister, both countries will grant Pakistan a $13 billion package.

According to The News, Dar went on to say that China intends to contribute $8.8 billion in assistance, including loan rollovers, during the current fiscal year, and that it will also roll over $4 billion in deposit returns.

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In addition, Ishaq Dar indicated that it will provide $3.3 billion in commercial loans and $1.45 billion in additional financing.

Meanwhile, Saudi Arabia is expected to contribute an extra $4.2 billion in aid, including $3 billion in new reserves and a delayed payment oil facility, according to the Finance Minister. He declared that the Kingdom would construct a petrochemical facility in Gwadar.

Furthermore, the Minister stated that both countries have guaranteed Pakistan’s Prime Minister (PM), Shehbaz Sharif, of their support and will continue to do so till June 2023.

Furthermore, China has promised that construction on CPEC’s key railway projects, Main Line 1 (ML-1) and Karachi Circular Railway (KCR), will begin shortly.