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The deal was signed Tuesday by Pakistan's Finance Minister Asad Umar and his Saudi counterpart, Muhammad Abdullah Al-Jadaan, on the sidelines of the Saudi conference.

Pakistan is in search of Dollars 12 billion foreign loans and aid to avoid default on global debt obligations, as the country is required to return USD 11.7 billion loans to foreign countries.

"Listen with open ears, do whatever you like, if you want to hold protest on a container, we will provide you a container and food or do your antics in the assemblies, but it should be clear to you that there will be no NRO". He said no corrupt will be spared, as he had promised to the nation in his election campaign. This was not Mr Khan nor his PTI government's doing.

The Prime Minister asked the nation to be patient in this hard exercise as the future holds a prosperous and developed Pakistan.

"At the same time, clamping down on money laundering, which is a problem in most of the developing world", he added.

Imran Khan said his government was conducting audit of different ailing departments and had not initiated any steps of accountability so far.

"If the structural reforms are not introduced then I am afraid the economy will resume to reel from a similar crisis that we are facing after some months", he said. He was all praise for the Saudi leadership for their unprecedented support. The government may still have to avail International Monetary Fund bailout as the Saudi assistance will not address the long-term financing needs of the economy.




Analysts have often accused both Iran and Saudi Arabia of waging a proxy war in Pakistan where sectarian violence has often been deadly.

Mr Khan has the political space to seek a financial bailout package as his government deems necessary; no one has denied the need for a bailout and the accusations of the opposition ring hollow because they fared little better when in office.

Khan addressed the nation on Wednesday to share the details of his efforts to bring cash-strapped Pakistan out of financial difficulties.

Qassemi also referred to Foreign Minister Mohammad Javad Zarif's visit to Islamabad previous year, saying, "During the trip, several committees were set up on various topics, including border issues, in order to lay the ground for boosting the security of the common borders through bilateral cooperation". "These are the things done over the last 10 years which we are correcting". He said Islamabad should stop supporting and glorifying terrorists and terror activities against India and its other neighbours. The assumption under which these loans were taken was that CPEC initiatives would boost our exports to such an extent that they would not only pay for the Chinese loans and accumulated interest but also help us pay off existing debt.

Pakistan announced on Tuesday it would receive $3bn in foreign currency support from Saudi Arabia and another $3bn in loans. It also gave oil on deferred payments in the 1990s, but Pakistan never repaid the amount, according to a media report quoting officials of the finance ministry.

He also said that his mega project of constructing 5 million houses in five years would revive 40 industries and create job opportunities for the youth.


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