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

Piyush Goyal Heads to Doha for Trade Talks

During the visit, both sides are expected to discuss the proposed India–Qatar Free Trade Agreement (FTA)….reports Asian Lite News Union Commerce and Industry Minister Piyush Goyal will travel to Doha, Qatar, on

Hamas Heads to Egypt for Gaza Talks

The negotiation will focus on the details of enacting the first phase of the plan…reports Asian Lite News A delegation from the Palestinian group Hamas arrived in Egypt on Sunday ahead of

Europe Seeks Peace in Gaza

European countries condemn Israeli interception of Gaza-bound flotilla, demand safety of citizens…reports Asian Lite News Israel’s interception of an international flotilla carrying humanitarian aid to Gaza has sparked condemnation across Europe, with

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

Tommy Robinson to Visit Israel

The invitation comes from Amichai Chikli, Israel’s minister for the diaspora and combating antisemitism, who described Robinson as a “courageous leader on the front line against radical Islam…reports Asian Lite News An
Go toTop

Don't Miss

Pak PM’s ‘accountability’ drive sought to settle political score

From hasty decisions to putting Nawaz’s children Maryam and Shahbaz

Policeman Killed, 12 Injured in Quetta Mosque Blast

The 12 people who were injured, included five security personnel….reports