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A $6 billion aid package is on it's way to Pakistan from Saudi Arabia. The deal came as Pakistan's Prime Minister Imran Khan attended a Saudi investment conference. That's the show that's being boycotted by several other world leaders after the death Saudi journalist Jamal Khashoggi at the Saudi Embassy in Istanbul.
While the Saudi packages sweep relief from Pakistan's ailing economy, the countries finance ministry also told Reuters on Wednesday, they'll still be seeking more help from the IMF. And that's something newly minted leader Imran Khan said he would never do as Reuters' Drazen Jorgic explains.>> Imran Khan chastised the previous government for seeking an IMF bailout in 2013.
And he vowed to never, what he called, beg for money from the IMF. However, he has inherited a troublesome economy with the local currency in free fall and growth slowing down. He seems to have no choice but to turn to the IMF. However, he's also keen to seek support from he calls friendly countries, which in the past has meant China and Saudi Arabia.
>> The Saudi package will be made up of $3 billion in support for Pakistan's currency for one year. And a loan, worth another 3 billion over time. But while deals with Riyadh and even China, might make sense in a short-term and could even give Khan leverage with IMF talks, they could also causing trouble with the US.
>> Pakistan officials have been worried that the United States may block or in some way interfere with any potential IMF bailout the South Asian country receives. The United States has warned that any IMF money going to Pakistan should not be used towards paying Chinese loans. Parts of what Washington is describing as debt trap diplomacy by China as part of its vast infrastructure spending program called the Belton Road Initiative.
>> Imran Khan is set to lead a delegation to China in November where it's thought the will seek more help from Beijing.