May 1, 2022
1 min read

Saudi promises $8 billion to Pakistan

Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalise the modalities of the increased financial package….reports Asian Lite News

Saudi Arabia has agreed to provide Pakistan a “sizeable package” of around $8 billion to help revive the country’s ailing economy amid the maiden trip of Prime Minister Shehbaz Sharif to the kingdom.

The package includes doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities, according to a report published in The News.

“However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed,” top official sources privy to the development informed.

Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalise the modalities of the increased financial package.

Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and audi Arabia agreed to it.

It was also agreed that the existing deposits of $3 billion would be rolled over for an extended period up to June 2023.

“Pakistan and Saudi Arabia discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad,” the official sources said, adding that the size of the total package would be determined when additional money was finalised.

ALSO READ: 5 Pakistanis arrested in Saudi for ‘insulting’ Shehbaz’s delegation

Previous Story

Rift in BNP over beef being served at Iftar event

Next Story

Beijing bans restaurant dining

Latest from -Top News

Pak Army Chief Targets India Again

This is not the first time that Munir has indulged in loose talk, exhibiting conduct unbecoming an officer….reports Asian Lite News Pakistan’s Chief of Army Staff (COAS) General Syed Asim Munir on

Relief for Students: US Visa Cancellations Paused

More than 1,500 student visas have been cancelled so far…reports Asian Lite News The United States on Friday abruptly paused the cancellation of student visas issued to international students, according to reports.

Yunus Must Be Treated Like Hasina, Warn Islamists

Islamist group made these warnings to the interim government, terming the women’s reform body proposals as “anti-Islamic…reports Asian Lite News The radical Islamist group in Bangladesh, Hefazat-e-Islam, has issued a threat, stating

UN: Bring Pahalgam Terrorists to Justice

The members of the Security Council “stressed that those responsible for these killings should be held accountable..reports Asian Lite News The Security Council has “condemned in the strongest terms” the Pahalgam terrorist
Go toTop

Don't Miss

Syria, Saudi to resume consular services, air flights

The two sides discussed the necessary steps to achieve a

Saudi crown prince launches new airline

As it was named, the new airline will operate from