China to bail out Pakistan over $1bn Saudi debt – Reports

China is going to provide Pakistan 1.5 billion dollars to help it repay a one billion dollars debt to Saudi Arabia this week, The News International reported on Monday.

According to the Pakistani newspaper, citing sources, Islamabad is set to pay back 1 billion dollars to Riyadh on Dec. 15, thus doing it ahead of schedule.

The last and the third tranche of 1 billion dollars will be paid in January 2021.

This is the second time China had to bail out Pakistan to repay the Saudi debt.

A few months ago, Beijing provided one billion dollars in the first installment.

The Pakistani Finance Ministry has declined to comment on the “bilateral confidential matters.”