'Desperate' Imran Khan secures $6bn bailout for Pakistan at Saudi summit

‘We are desperate for loans’: Pakistan PM says he must attend conference in Saudi Arabia

Pakistan stocks rallied, experiencing its best single-day gain on record, after Saudi Arabia provided a $6 billion bailout to support the country's sever account imbalances, Arab News reports.

Amidst Khashoggi murder allegations and faced with self-created Yemen crisis, Saudi Arabia has asked Pakistan Prime Minister Imran Khan to mediate to end Yemen conflict, triggered by Riyadh-led coalition in 2015, aimed to re-instate its favored President Abdrabbuh Mansur Hadi.

Pakistani Prime Minister Imran Khan prepares to speak at the opening of the Future Investment Initiative conference, in Riyadh, Saudi Arabia, Tuesday, Oct. 23, 2018.

In addition, according to the Foreign Office, they will also provide the one one-year deferred payment facility for the import of oil, worth up to $3 billion.

In a televised address Wednesday, Khan said he secured a "great package" from Saudi Arabia. An IMF program will also help boost governmental discipline, he said.

The remarks came in response to Khan's tweet on Sunday saying he "strongly condemns the new cycle of killings of innocent Kashmiris" at the hands of Indian forces.

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Pakistan PM Imran Khan says will resume peace talks with India after 2019 general elections

However, given Pakistan's deteriorating finances, in recent months there have been concerns that portions of the ambitious agreement may have to be scaled down.

After the Dollars 3 billion cash assistance from Saudi Arabia, the Pakistani central bank SBP's reserves will increase to USD 11 billion.

Pakistan's Foreign Ministry on Tuesday night said the latest visit had met with success.

The $6 billion total exceeds forecasts by analysts and will likely reduce the size of any bailout Pakistan it receives from the International Monetary Fund (IMF), with whom it is now engaged in talks on a rescue package.

"Unless we get loans from friendly countries or the IMF [the International Monetary Fund] we actually won't have in another two or three months enough foreign exchange to service our debts or to pay for our imports".

Malik said, "We are proud that the nation elected the "impeccable" Imran Khan as its PM because he possessed inborn leadership abilities necessary to steer the country out of crisis". Imran Khan said Pakistan was back on the global stage as well as its stature restored after the Saudi leadership requested Pakistani leadership to play a role in ending the Saudi-Yemen conflict. It described the decision as "a significant step towards enhancing Pakistan's workforce in Saudi Arabia, as well as facilitating travel of people from both countries".

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