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Zardari to visit Riyadh for aid

Pakistani President Asif Ali Zardari will visit Saudi Arabia next week to seek economic assistance from its ally including help with oil payments, a government spokesman said on Friday.

  • Reuters
  • Published: 00:00 November 1, 2008
  • Gulf News

Islamabad & Karachi: Pakistani President Asif Ali Zardari will visit Saudi Arabia next week to seek economic assistance from its ally including help with oil payments, a government spokesman said on Friday.

Pakistan has been seeking assistance from its allies, including the US and China, to help stabilise its ailing economy and avert a balance of payments crisis but it has secured little help.

Diplomats say Pakistan's allies, including Saudi Arabia, want to see the government reach an agreement with the International Monetary Fund (IMF) before coming forward with their own help.

The IMF said on Thursday talks with Pakistani officials in Dubai had been concluded and more discussions would be held in the next few days.

Pakistan has asked Saudi Arabia to defer payments for its crude oil imports, which are expected to be worth about $5.9 billion (Dh21.7 billion) during the 2008/09 fiscal year.

Rates cut

"The president would solicit Saudi support for the Friends of Democratic Pakistan initiative and the oil facility requested by Pakistan," Foreign Ministry spokesman Mohammad Sadiq told a briefing.

Pakistan will raise interest rates if it believes that is a necessity to cut inflation, the country's senior economic adviser said yesterday, referring to an issue seen as contentious in the country's talks with the IMF.

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