PM Imran Khan to address the nation today

ISLAMABAD: Prime Minister Imran Khan will address to the nation today on Wednesday evening at 7:45pm, ARY News reported.

The prime minister will discuss his recent visit and the economic assistance from Saudi Arabia. He is also expected to discuss the situation on electricity and gas tariffs.

PM Imran has called a meeting of Pakistan Tehreek-e-Insaf leadership to take them on board regarding the economic package given by the Kingdom.

The Prime Minister along with his delegation returned to Islamabad after conclusion of their two-day visit to the Kingdom to attend the Future Investment Initiative in Riyadh.

Saudi Arabia agreed to provide Pakistan $3 billion for a period of one year as balance of payment support.

According to a statement issued by the Foreign Office, a Memorandum of Understanding was signed between Finance Minister Asad Umar and the Saudi Finance Minister Muhammad Abdullah Al-Jadaan, stating Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support.

It was also agreed that a one year deferred payment facility for import of oil, up to $3billion, will be provided by Saudi Arabia. This arrangement will be in place for three years and will be reviewed thereafter.

Saudi Arabia also confirmed that it is interested in investing in a petroleum refinery in Pakistan. The MoU in this regard will be signed after obtaining cabinet approval.

Pakistan’s main stock market index shot up 3.3 percent in early trading on the news of the Saudi help.

Earlier this week, PM Imran said Pakistan was seeking help from “friendly nations”, which is usually a reference to close allies Saudi Arabia and China, to avoid going to the IMF.

He is due to travel to China in the first week of November, where he is expected to seek further assistance.