ECONOMY

Imran Khan at Saudi forum: Pakistan needs loans to overcome debt crisis

Pakistan Prime Minister Imran Khan said on Tuesday that the country was looking for loans to overcome its debts.

Speaking at the Future Investment Initiative forum in Riyadh, Khan said he was hoping for loans from "friendly countries" and the International Monetary Fund.

"What we are hoping is that we do a bit of both, get a loan from IMF and other loans from friendly governments," Khan told an audience at an investment conference in Saudi Arabia's capital, Riyadh.

Khan, who was elected prime minister in July, is in Saudi Arabia for the second time this month seeking to shore up financial aid as the country reels from a looming balance of payments crisis.

The country also needs two oil refineries to meet demand, and they are talking to Saudi investors about the projects, Khan said, adding Crown Prince Mohammed bin Salman is organizing a delegation of Saudi businessmen to invest in Pakistan.

"One thing Pakistan needs more than any other country right now is peace and security," Khan said on Tuesday.

Khan said he had tried to extend hand of peace to India, had not received a response, but hoped to resume efforts to improve ties with India after national elections there.
 

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Last Update: Tuesday, 23 October 2018 KSA 14:21 - GMT 11:21
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