Pakistan to seek IMF bailout despite $6b Saudi rescue

Pakistan to seek IMF bailout despite $6b Saudi rescue

Pakistan announced Saudi Arabia had agreed to give it $3 billion in foreign currency.

Pakistan still plans to seek a bailout from the International Monetary Fund (IMF) despite Saudi Arabia agreeing to offer a $6 billion rescue package, Pakistan's finance ministry said on Wednesday.

"Yes, We are going ahead into program negotiations with (IMF) in the first week of November," Noor Ahmed, spokesman for Pakistan's finance ministry, told Reuters in a text message.

On Tuesday, Islamabad announced Saudi Arabia had agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis. 

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