October 23, 2018 / 8:25 AM / a month ago

Pakistan PM seeks loans to reservice debts, investments

Riyadh (Reuters) - Pakistan is seeking loans from the International Monetary Fund (IMF) and friendly countries to reservice debt and shore up its economy, the country’s prime minister Imran Khan said on Tuesday.

“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.

Reporting by Katie Paul and Marwa Rashad, writing by Hadeel Al Sayegh; Editing by Saeed Azhar

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