October 27, 2021
1 min read

Saudi Arabia To Resume Fund To Pakistan

Saudi Arabia has agreed to revive its financial support to Pakistan, including about $3 billion in safe deposits and $1.2bn to $1.5bn worth of oil supplies on deferred payments…reports Asian Lite News

An agreement to this effect was reached during the visit of Pakistan Prime Minister Imran Khan to the kingdom this week, a senior government official told Dawn. However, a formal announcement would be made by the PM’s adviser on finance and revenue Shaukat Tarin and Energy Minister Hammad Azhar on Wednesday at a news conference.

Pakistan Prime Minister Imran Khan (Source: ANI)

The development was later confirmed in a midnight tweet by Information Minister Fawad Chaudhry. “Saudi Arabia’s announcement support Pakistan with 3 billion US dollars as deposit in Pakistan central bank and also financing refined petroleum products with 1.2 billion US dollars during the year,” he wrote.

The Saudi government would immediately deposit $3bn in Pakistan’s account for a year and keep it rolling at least until the completion of the IMF programme in October 2023, the official earlier said, as per the report.

ALSO READ: UAE welcomes Saudi’s move

The facility is expected to help Pakistan convince the IMF about its financing plan. In addition, the Saudi government would provide crude oil to Islamabad on deferred payments worth up to $1.5bn per annum.

Saudi Arabia had also provided $3bn in cash deposits and promised a $3bn oil facility to Pakistan to help the latter shore up its foreign exchange reserves in 2018. However, as the bilateral relations deteriorated later Islamabad had to return $2bn of the $3bn deposits, the report added.

Previous Story

No approval for Covaxin yet, WHO seeks clarifications

Next Story

Shah ends J&K visit by sending strong message to adversaries

Latest from Arab News

Abu Dhabi, Beirut Reconnect 

A key highlight of Aoun’s visit to UAE was the agreement to ease travel restrictions between the two countries — a move set to facilitate the movement of citizens and promote closer

ATM 2025 sets new standard 

The global event drew over 55,000 travel and tourism professionals from 166 countries, marking a 16% year-on-year increase in attendance and cementing Dubai’s role as a key hub for shaping the future

Iran Calls on India to Break Sanctions Barrier 

Calls grow louder from Iran’s industry leaders for India and international bodies to mediate financial and shipping barriers imposed by Western sanctions.  Top Iranian manufacturers are appealing to India and global organisations
Go toTop

Don't Miss

Uganda and New Zealand showcase their culture

Uganda and New Zealand showcase their culture at Expo 2020

Balochistan suffers acute drinking water crisis

This is not the first time that Pakistan has been