ISLAMABAD: Finance Minister Asad Umar said that $6 billion from Saudi Arabia and promised funds from China would cover Pakistan’s projected $12 balance of payments crisis.

While addressing a news briefing with Foreign Minister Shah Mahmood Qureshi on Tuesday, Umar said: “Pakistan’s immediate balance of payments crisis is over. I can tell you categorically that now we don’t have a balance of payments crisis.”

Prime Minister Imran Khan concluded his four-day trip to China on Monday.

Umar made this statement just a day before an International Monetary Fund team was due to arrive in Pakistan to discuss a possible aid package.

The foreign minister told reporters that a high-level Pakistani delegation, including the secretary for finance and the governor of the State Bank of Pakistan, will visit China on Nov. 9 to further discuss the financial assistance.

Last month during the Prime Minister’s visit to Saudi Arabia, the Kingdom pledged $3 billion in support to Pakistan and allowed for up to $3 billion in deferred oil payments to help stave off a budget crisis.

Foreign Minister Shah Mehmood Qureshi called Prime Minister Khan’s visit to China successful and said that China has always helped Pakistan in difficult times.

During the visit to China both sides agreed to conduct bilateral trade in Yuan that would ease the burden on Pakistan’s dollar forex reserves.

Pakistan and China also signed 15 bilateral cooperation agreements and memoranda of understanding.