Imran to visit Saudi Arabia, Malaysia & China to seek aid to avoid tough bailout from IMF

October 22, 2018 19:14

Pakistani PM Imran Khan will visit three 'friendly countries' -- Saudi Arabia, Malaysia and China -- where he is likely to seek monetary help of up to $13 billion for his cash-strapped government, a media report said on Monday.

Quoting sources, the Dawn newspaper reported that Khan would leave for Saudi Arabia on Monday and embark on a two-day visit to Malaysia on October 28 and to China early on November 3.

In the next two weeks, Khan will visit three 'friendly countries' where he is likely to seek monetary assistance, the report said, days after Islamabad formally sought a bailout from the International Monetary Fund.

A member of the Khan's Cabinet said the prime minister was likely to take up the issue of financial aid with his hosts in the three friendly countries because Pakistan badly needed assistance to ease the current economic crisis.

He said the government immediately needed $12 billion to $13 billion to ease the financial crisis and retire foreign debt.

"We need $8 billion to retire foreign debt and $5 billion to run the affairs of government," the unnamed minister said.

"If we get good monetary support from our friendly countries then there is a possibility that we will not require support of the IMF," he added.

Pakistan formally approached the IMF on October 12 for a bailout to tide over the economic crisis.

-- PTI

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