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China to Give Pakistan 'Grant' as UAE Mulls $6B in Aid

 

China plans to provide an unspecified financial "grant" to Pakistan while the United Arab Emirates is actively considering Islamabad's request for a fiscal relief package of up to $6 billion to help the country deal with a looming balance-of-payments crisis, Chinese and Pakistani officials say.News of the anticipated financial aid came days after Prime Minister Imran Khan secured more than $6 billion in immediate financial support from Pakistan's close ally, Saudi Arabia, during an official visit to Riyadh.Pakistan urgently needs foreign currency to shore up its depleting reserves of less than $8 billion, which is barely enough for servicing its debt and paying import bills.Khan's nascent government, which took office two months ago and has inherited a debt-ridden national economy, estimates the country urgently needs about $12 billion to fulfill domestic and external liabilities.Khan is to travel to Beijing Nov. 2-5 on his first official visit to the country, where he is scheduled to meet President Xi Jinping and his Chinese counterpart..html

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Helpline 1090
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