Sri Lanka, on Wednesday (Feb 21) said that it exported $20 million worth of tea to Iran to partially pay its $251 million oil debt. The first instalment of the tea-for-oil deal was sent years after it was agreed upon in 2021.

Cash-strapped Sri Lanka partially repays Iranian oil debt with $20 million worth of tea

Sri Lanka, on Wednesday (Feb 21) said that it exported $20 million worth of tea to Iran to partially pay its $251 million oil debt. The first instalment of the tea-for-oil deal was sent years after it was agreed upon in 2021.&nbsp;

<h2>Tea-for-oil deal</h2>

“So far $20 million worth of tea has been exported to Iran under the barter trade agreement,” Sri Lankan Prime Minister Dinesh Gunawardena’s office said in a statement.&nbsp;

WATCH |&nbsp;Sri lanka: Tea for oil deal with Iran gets going, to allow Iran to avoid currency to pay for tea

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-tea-for-oil-deal-with-iran-gets-going-to-allow-iran-to-avoid-currency-to-pay-for-tea-692474/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The statement also said that Iranian Foreign Minister Hossein Amir-Abdollahian, who is currently in Sri Lanka for a visit, expressed “satisfaction” with the deal.&nbsp;

In 2021, a tea-for-oil deal was struck between Colombo and Tehran which was seen as a win-win for both countries for different reasons.&nbsp;

The barter deal allows sanctions-hit Iran to avoid having to use scarce hard currency to pay for imports of the widely consumed product in the country. Meanwhile, Sri Lanka is allowed to pay with tea as the country is short of foreign currency.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-election-body-forms-committee-to-probe-poll-rigging-allegations-692342">Pakistan election body sets up committee to probe poll rigging allegations</a>

When the deal was agreed upon in December 2021, Tehran said it had agreed to accept a monthly shipment of Ceylon tea from Sri Lanka in exchange for settling a $251 million debt from Iranian oil supplied to the island nation nine years ago.&nbsp;

However, Sri Lanka was hit by an economic crisis forcing then-president Gotabaya Rajapaksa to step down in July 2022. This led to a years-long delay in the shipment of the tea to Iran.&nbsp;

Colombo defaulted on its $46 billion foreign debt in April 2022 but managed to secure a $2.9 billion bailout from the International Monetary Fund (IMF), early last year.&nbsp;

<h2>Does the deal violate sanctions against Iran?</h2>

Sri Lankan officials have said that the tea-for-oil deal does not violate the sanctions against Tehran imposed by Washington. Since tea was a food item it is exempted from restrictions&nbsp;and the deal did not involve Iranian-blacklisted banks, they added.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/uk-bae-reports-profit-jump-as-ukraine-war-drags-on-692467">UK: BAE reports profit jump as Ukraine war drags on</a>

Tehran has been hit hard by the United States imposed restrictions since it pulled out of the 2015 Iran nuclear deal and began reimposing crippling financial sanctions.&nbsp;

Notably, Ceylon tea, known by the island’s colonial-era name, made up nearly 50 per cent of Iran’s consumption in 2016.

(With inputs from agencies)

Sri Lanka, on Wednesday (Feb 21) said that it exported $20 million worth of tea to Iran to partially pay its $251 million oil debt. The first instalment of the tea-for-oil deal was sent years after it was agreed upon in 2021. Tea-for-oil deal “So far $20 million worth of tea has been exported to Iran under the barter trade agreement,” Sri Lankan Prime Minister Dinesh Gunawardena’s office said in a statement. WATCH | Sri lanka: Tea for oil deal with Iran gets going, to allow Iran to avoid currency to pay for tea The statement also said that Iranian Foreign Minister Hossein Amir-Abdollahian, who is currently in Sri Lanka for a visit, expressed “satisfaction” with the deal. In 2021, a tea-for-oil deal was struck between Colombo and Tehran which was seen as a win-win for both countries for different reasons. The barter deal allows sanctions-hit Iran to avoid having to use scarce hard currency to pay for imports of the widely consumed product in the country. Meanwhile, Sri Lanka is allowed to pay with tea as the country is short of foreign currency. Also Read | Pakistan election body sets up committee to probe poll rigging allegations When the deal was agreed upon in December 2021, Tehran said it had agreed to accept a monthly shipment of Ceylon tea from Sri Lanka in exchange for settling a $251 million debt from Iranian oil supplied to the island nation nine years ago. However, Sri Lanka was hit by an economic crisis forcing then-president Gotabaya Rajapaksa to step down in July 2022. This led to a years-long delay in the shipment of the tea to Iran. Colombo defaulted on its $46 billion foreign debt in April 2022 but managed to secure a $2.9 billion bailout from the International Monetary Fund (IMF), early last year. Does the deal violate sanctions against Iran? Sri Lankan officials have said that the tea-for-oil deal does not violate the sanctions against Tehran imposed by Washington. Since tea was a food item it is exempted from restrictions and the deal did not involve Iranian-blacklisted banks, they added. Also Read | UK: BAE reports profit jump as Ukraine war drags on Tehran has been hit hard by the United States imposed restrictions since it pulled out of the 2015 Iran nuclear deal and began reimposing crippling financial sanctions. Notably, Ceylon tea, known by the island’s colonial-era name, made up nearly 50 per cent of Iran’s consumption in 2016. (With inputs from agencies)

To continue receiving aid from the International Monetary Fund (IMF), the Pakistan government has raised the fuel prices by 20% on Thursday, media reports said.&nbsp;The hike, which will be effective from Friday, has been made to resume the aid Pakistan was getting from a $6 billion package, the finance minister said.&nbsp;In 2019, Pakistani government had signed the deal for this package with the International Monetary Fund (IMF). &nbsp;

Although the move will help the cash-strapped government, it will put a heavy burden on the citizens of the country as the new price of petrol will become 179.86 Pakistani rupees per litre and diesel will now be sold for 174.15 Pakistani rupees per litre. &nbsp;&nbsp;

Watch:&nbsp;IMF presses Pakistan of removing fuel, energy subsidies for programme revival

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/imf-presses-pakistan-of-removing-fuel-energy-subsidies-for-programme-revival-482293/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The minister, Miftah Ismail, shared the new prices on Twitter. The news of the rise in prices spread like wildfire in the nation as long lines could be seen at the filling stations. &nbsp;

The IMF and Pakistan government seems to have reached a deal earlier on Thursday. In it, IMF would release over $900 million funds if Islamabad removed the subsidies on fuel and hiked the prices, as per a Reuters report, which cited sources. &nbsp;&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

(With inputs from agencies)&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

To continue receiving aid from the International Monetary Fund (IMF), the Pakistan government has raised the fuel prices by 20% on Thursday, media reports said. The hike, which will be effective from Friday, has been made to resume the aid Pakistan was getting from a $6 billion package, the finance minister said.

To continue receiving aid from the International Monetary Fund (IMF), the Pakistan government has raised the fuel prices by 20% on Thursday, media reports said. The hike, which will be effective from Friday, has been made to resume the aid Pakistan was getting from a $6 billion package, the finance minister said. In 2019, Pakistani government had signed the deal for this package with the International Monetary Fund (IMF). Although the move will help the cash-strapped government, it will put a heavy burden on the citizens of the country as the new price of petrol will become 179.86 Pakistani rupees per litre and diesel will now be sold for 174.15 Pakistani rupees per litre. Watch: IMF presses Pakistan of removing fuel, energy subsidies for programme revival × The minister, Miftah Ismail, shared the new prices on Twitter. The news of the rise in prices spread like wildfire in the nation as long lines could be seen at the filling stations. The IMF and Pakistan government seems to have reached a deal earlier on Thursday. In it, IMF would release over $900 million funds if Islamabad removed the subsidies on fuel and hiked the prices, as per a Reuters report, which cited sources. WATCH WION LIVE HERE (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Inviting more trouble? Cash-strapped Pak govt ditches citizens, raises fuel prices by 20% to get aid from IMF

According to the Department of Census and Statistics, Sri Lanka's overall rate of inflation, as measured by the National Consumer Price Index (NCPI) on a year-over-year basis, was 21.5 percent in March 2022.

The National Consumer Price Index for the month of March 2022 confirmed this.

For the month of February, 2022, the headline inflation rate was 17.5 percent.

According to the government, the reported inflation for the month of March 2022 was mostly due to higher prices in both the food and non-food sectors, as compared to March 2021.

As a result, food group inflation jumped to 29.5 percent in March 2022 from 24.7 percent in February 2022, while non-food group inflation increased to 14.5 percent in March 2022 from 11.0 percent in February 2022.

When comparing month-over-month fluctuations, the NCPI grew to 172.7 in March 2022 from 167.8 in February 2022.

In comparison to February 2022, this is an increase of 4.9 index points, or 2.9 percent. This rise reflects a Rs. 1572.34 increase in the "Market Basket" expense value.

Increases in index values of food items of 1.22 percent and non-food items of 1.70 percent, respectively, contributed to the month-on-month change.

The deepening economic crisis has resulted in confrontations at nationwide protests calling for President Gotabaya Rajapaksa to resign due to mismanagement and corruption.

Sri Lanka requested emergency assistance from the International Monetary Fund this week, but was warned that the country's $51 billion external debt was "unsustainable" and needed to be "restructured" before any assistance could be provided.

The government has announced a default on its foreign debt and said precious foreign exchange will be reserved to finance essential food and medicine.

Police clashed with protesters in central Sri Lanka on Tuesday, killing one of them and wounding nearly 30.

At least eight people have also died waiting in long lines for fuel in the past six weeks.

The country's foreign exchange shortage has led to a slowing down of imports, including essentials.

Shops have rationed the quantity of rice, milk powder, sugar, lentils, and tinned fish sold to consumers.

Sri Lanka's economy has collapsed since the onset of the pandemic, with a nosedive in tourism revenue as well as foreign worker remittances.

(With inputs from agencies)

According to the Department of Census and Statistics, Sri Lanka's overall rate of inflation, as measured by the National Consumer Price Index (NCPI) on a year-over-year basis, was 21.

According to the Department of Census and Statistics, Sri Lanka's overall rate of inflation, as measured by the National Consumer Price Index (NCPI) on a year-over-year basis, was 21.5 percent in March 2022. The National Consumer Price Index for the month of March 2022 confirmed this. For the month of February, 2022, the headline inflation rate was 17.5 percent. According to the government, the reported inflation for the month of March 2022 was mostly due to higher prices in both the food and non-food sectors, as compared to March 2021. As a result, food group inflation jumped to 29.5 percent in March 2022 from 24.7 percent in February 2022, while non-food group inflation increased to 14.5 percent in March 2022 from 11.0 percent in February 2022. When comparing month-over-month fluctuations, the NCPI grew to 172.7 in March 2022 from 167.8 in February 2022. In comparison to February 2022, this is an increase of 4.9 index points, or 2.9 percent. This rise reflects a Rs. 1572.34 increase in the "Market Basket" expense value. Increases in index values of food items of 1.22 percent and non-food items of 1.70 percent, respectively, contributed to the month-on-month change. The deepening economic crisis has resulted in confrontations at nationwide protests calling for President Gotabaya Rajapaksa to resign due to mismanagement and corruption. Sri Lanka requested emergency assistance from the International Monetary Fund this week, but was warned that the country's $51 billion external debt was "unsustainable" and needed to be "restructured" before any assistance could be provided. The government has announced a default on its foreign debt and said precious foreign exchange will be reserved to finance essential food and medicine. Police clashed with protesters in central Sri Lanka on Tuesday, killing one of them and wounding nearly 30. At least eight people have also died waiting in long lines for fuel in the past six weeks. The country's foreign exchange shortage has led to a slowing down of imports, including essentials. Shops have rationed the quantity of rice, milk powder, sugar, lentils, and tinned fish sold to consumers. Sri Lanka's economy has collapsed since the onset of the pandemic, with a nosedive in tourism revenue as well as foreign worker remittances. (With inputs from agencies)

Debt-ridden Sri Lanka's inflation soared to a record high

Pakistani Prime Minister Imran Khan has thanked Saudi Prince Mohammad bin Salman on Wednesday for sending $3 billion in financial aid to cash-strapped country. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/seeking-justice-pak-woman-attempts-suicide-at-court-in-lahore-after-husband-rapes-daughter-424343" hreflang="en">Seeking justice, Pak woman attempts suicide after husband 'rapes' daughter</a>

It may become crucial for the country for surviving the ongoing economic crisis. The leader thanked Saudi Arabia for extending the helpful gesture in these “difficult times”. &nbsp;

The PM also noted that Saudi Arabia “has always been there” for Pakistan in its difficult phases. &nbsp;&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak's central bank &amp; financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices.
— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1453225771884060676?ref_src=twsrc%5Etfw">October 27, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Expressing his gratitude on Twitter, Khan said, “I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak's central bank &amp; financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices.” &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/pak-pm-imran-khan-approves-appointment-of-new-isi-chief-ending-fallout-with-army-424311" hreflang="en">Pak PM Imran Khan names new ISI chief, ending fallout with army</a>

On Monday, Imran Khan had met Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on the sidelines of the Middle East Green Initiative (MGI) summit in Riyadh, which he was invited to attend at the royalty's invitation. &nbsp;

Later, the Saudi prince announced that he was depositing $3 billion in Pakistan's central bank to help the country with the foreign reserves. &nbsp;

(With inputs from agencies)&nbsp;

Pakistani Prime Minister Imran Khan has thanked Saudi Prince Mohammad bin Salman on Wednesday for sending $3 billion in financial aid to cash-strapped country. Also Read: Seeking justice, Pak woman attempts suicide after husband 'rapes' daughter It may become crucial for the country for surviving the ongoing economic crisis.

Pakistani Prime Minister Imran Khan has thanked Saudi Prince Mohammad bin Salman on Wednesday for sending $3 billion in financial aid to cash-strapped country. Also Read: Seeking justice, Pak woman attempts suicide after husband 'rapes' daughter It may become crucial for the country for surviving the ongoing economic crisis. The leader thanked Saudi Arabia for extending the helpful gesture in these “difficult times”. The PM also noted that Saudi Arabia “has always been there” for Pakistan in its difficult phases. I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak's central bank & financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices. — Imran Khan (@ImranKhanPTI) October 27, 2021 × Expressing his gratitude on Twitter, Khan said, “I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak's central bank & financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices.” Also Read: Pak PM Imran Khan names new ISI chief, ending fallout with army On Monday, Imran Khan had met Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on the sidelines of the Middle East Green Initiative (MGI) summit in Riyadh, which he was invited to attend at the royalty's invitation. Later, the Saudi prince announced that he was depositing $3 billion in Pakistan's central bank to help the country with the foreign reserves. (With inputs from agencies)

PM Imran Khan thanks Saudi Arabia for $3 billion aid to cash-strapped Pakistan

Saudi Arabia has announced 118 humanitarian projects worth over USD 123 million for cash-strapped Pakistan in food security, health, education and water during Prime Minister Imran Khan's two-day visit, according to a report.&nbsp;

The King Salman Humanitarian Aid and Relief Center (KSrelief)'s Supervisor General Dr Abdullah bin Abdulaziz Al Rabeeah said that the assistance was announced in light of the COVID-19 pandemic.&nbsp;

KSrelief announced 118 humanitarian projects for Pakistan at a cost of over USD 123 million in food security, health, education, water and environmental sanitation.&nbsp;

He said that the kingdom has provided medical and preventive aid worth over USD 1.5 million to combat the pandemic.&nbsp;

Khan's Special Representative for Middle East Affairs Sheikh Tahir Mahmood Ashrafi told the Saudi Press Agency (SPA) that the visit will push the march of the joint cooperation in the right direction in order to achieve the desired interests and goals, and contribute to developing the political, military, diplomatic, economic, commercial, developmental and cultural coordination and cooperation fields.&nbsp;

Khan met Secretary General of the Organisation of Islamic Cooperation (OIC) Dr Yousef bin Ahmad Al-Othaimeen and discussed developments in the Islamic world, the situation of Muslims in non-OIC countries and the issues on the OIC's agenda, in particular combating Islamophobia.&nbsp;

During the summit meeting between Khan and Crown Prince Mohammed bin Salman, enhancing economic and trade relations and the challenge posed by extremism came under discussion.&nbsp;

They confirmed their satisfaction with the firmness of bilateral military and security relations, and agreed on further cooperation to achieve common goals between the two countries, the SPA reported.&nbsp;

"The two sides also stressed the need for concerted efforts of the Islamic world to confront extremism and violence and reject sectarianism, and strive to achieve international peace and security.&nbsp;

"They also underscored the importance of continuing joint efforts to combat the phenomenon of terrorism which is not related to any religion, race or color, and confront all its forms and images, whatever its source," it said.&nbsp;

(With inputs from agencies)&nbsp;

Saudi Arabia has announced 118 humanitarian projects worth over USD 123 million for cash-strapped Pakistan in food security, health, education and water during Prime Minister Imran Khan's two-day visit, according to a report.

Saudi Arabia has announced 118 humanitarian projects worth over USD 123 million for cash-strapped Pakistan in food security, health, education and water during Prime Minister Imran Khan's two-day visit, according to a report. The King Salman Humanitarian Aid and Relief Center (KSrelief)'s Supervisor General Dr Abdullah bin Abdulaziz Al Rabeeah said that the assistance was announced in light of the COVID-19 pandemic. KSrelief announced 118 humanitarian projects for Pakistan at a cost of over USD 123 million in food security, health, education, water and environmental sanitation. He said that the kingdom has provided medical and preventive aid worth over USD 1.5 million to combat the pandemic. Khan's Special Representative for Middle East Affairs Sheikh Tahir Mahmood Ashrafi told the Saudi Press Agency (SPA) that the visit will push the march of the joint cooperation in the right direction in order to achieve the desired interests and goals, and contribute to developing the political, military, diplomatic, economic, commercial, developmental and cultural coordination and cooperation fields. Khan met Secretary General of the Organisation of Islamic Cooperation (OIC) Dr Yousef bin Ahmad Al-Othaimeen and discussed developments in the Islamic world, the situation of Muslims in non-OIC countries and the issues on the OIC's agenda, in particular combating Islamophobia. During the summit meeting between Khan and Crown Prince Mohammed bin Salman, enhancing economic and trade relations and the challenge posed by extremism came under discussion. They confirmed their satisfaction with the firmness of bilateral military and security relations, and agreed on further cooperation to achieve common goals between the two countries, the SPA reported. "The two sides also stressed the need for concerted efforts of the Islamic world to confront extremism and violence and reject sectarianism, and strive to achieve international peace and security. "They also underscored the importance of continuing joint efforts to combat the phenomenon of terrorism which is not related to any religion, race or color, and confront all its forms and images, whatever its source," it said. (With inputs from agencies)

Saudi announces over 100 projects for cash-strapped Pak during Imran's visit 

Pakistan will get a loan of $3.4 billion from the Asian Development Bank for budgetary support, Prime Minister Imran Khan's adviser on finance has said as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis that threatens to cripple its economy.

Of the total amount, $2.1 billion would be released within a year of the agreement between the ADB and the finance ministry, Federal Minister for Planning, Development and Reforms Khusro Bakhtiar was quoted as saying by Dawn.

The loan from the Philippines-headquartered global finance institution was "on a concessional rate", the minister said.

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Twitter that the ADB will provide $3.4 billion to Pakistan for budgetary support.

"$2.2 billion will be released this fiscal year (FY), starting in the first quarter of FY 2019-20. This will help the reserve position and the external account," he said in a tweet.

ADB's Director General Werner Leipach and it's country director Xiaohong Yang called on Shaikh and discussed with him matters relating to ADB's upcoming operations in Pakistan, the finance ministry said in a statement.

"The director general (Leipach) briefed the adviser that in addition to strong project portfolio, the bank is also keen to provide balance of payments financing to support the government of Pakistan's structural reform agenda," according to the statement.

Pakistan seeks help to overcome a ballooning balance of payments crisis.

Last month, it reached an agreement in principle with the International Monetary Fund (IMF) for a three-year, $6 billion bailout package aimed at shoring up its finances and strengthening a slowing economy.

The ADB financing would come on top of the IMF loan.

In April, three influential US lawmakers urged the Trump administration to oppose the proposed multi-billion bailout package being sought by Pakistan from the IMF arguing it could be used to repay the Chinese debt.

Chine is investing heavily in Pakistan under the USD 60 billion China-Pakistan Economic Corridor (CPEC).

Launched in 2015, CPEC is a planned network of roads, railways and energy projects linking China's resource-rich Xinjiang Uyghur Autonomous Region with Pakistan's strategic Gwadar Port on the Arabian Sea.

Pakistan will get a loan of $3.4 billion from the Asian Development Bank for budgetary support, Prime Minister Imran Khan's adviser on finance has said as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis that threatens to cripple its economy.

Pakistan will get a loan of $3.4 billion from the Asian Development Bank for budgetary support, Prime Minister Imran Khan's adviser on finance has said as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis that threatens to cripple its economy. Of the total amount, $2.1 billion would be released within a year of the agreement between the ADB and the finance ministry, Federal Minister for Planning, Development and Reforms Khusro Bakhtiar was quoted as saying by Dawn. The loan from the Philippines-headquartered global finance institution was "on a concessional rate", the minister said. Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Twitter that the ADB will provide $3.4 billion to Pakistan for budgetary support. "$2.2 billion will be released this fiscal year (FY), starting in the first quarter of FY 2019-20. This will help the reserve position and the external account," he said in a tweet. ADB's Director General Werner Leipach and it's country director Xiaohong Yang called on Shaikh and discussed with him matters relating to ADB's upcoming operations in Pakistan, the finance ministry said in a statement. "The director general (Leipach) briefed the adviser that in addition to strong project portfolio, the bank is also keen to provide balance of payments financing to support the government of Pakistan's structural reform agenda," according to the statement. Pakistan seeks help to overcome a ballooning balance of payments crisis. Last month, it reached an agreement in principle with the International Monetary Fund (IMF) for a three-year, $6 billion bailout package aimed at shoring up its finances and strengthening a slowing economy. The ADB financing would come on top of the IMF loan. In April, three influential US lawmakers urged the Trump administration to oppose the proposed multi-billion bailout package being sought by Pakistan from the IMF arguing it could be used to repay the Chinese debt. Chine is investing heavily in Pakistan under the USD 60 billion China-Pakistan Economic Corridor (CPEC). Launched in 2015, CPEC is a planned network of roads, railways and energy projects linking China's resource-rich Xinjiang Uyghur Autonomous Region with Pakistan's strategic Gwadar Port on the Arabian Sea.

Cash-strapped Pakistan inks deal with Asian Development Bank, to get $3.4 billion 

cash-strapped

Cash Strapped, News on Cash Strapped, stories on Cash Strapped, articles on Cash Strapped, Cash Strapped stories at Wion, Cash Strapped news, Cash Strapped latest news

cash strapped

Cash-strapped Sri Lanka partially repays Iranian oil debt with $20 million worth of tea

Cash-strapped Sri Lanka partially repays Iranian oil debt with $20 million worth of tea

Inviting more trouble? Cash-strapped Pak govt ditches citizens, raises fuel prices by 20% to get aid from IMF

Debt-ridden Sri Lanka's inflation soared to a record high

PM Imran Khan thanks Saudi Arabia for $3 billion aid to cash-strapped Pakistan

Saudi announces over 100 projects for cash-strapped Pak during Imran's visit

Cash-strapped Pakistan inks deal with Asian Development Bank, to get $3.4 billion