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Saudia to provide oil worth $3.2bn on credit to Pakistan: Dr Hafeez

Saudia to provide oil worth $3.2bn on credit to Pakistan: Dr Hafeez
May 23, 2019
ISLAMABAD (92 News) – Adviser of Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Wednesday that Saudi Arabia will provide oil worth $3.2bn worth on credit to Pakistan every year. According to the details, Saudi Arabia has agreed to extend helping hand to Pakistan in difficult economic situation and good news surfaced. Abdul Hafeez Shaikh said that the Kingdom of Saudi Arabia (KSA) will extend a $3.2 billion deferred payment facility with Pakistan for petroleum products from the start of July. He also confirmed that the facility will be worth $275 million per month and will amount to $3.2bn per year for a period of three years. The finance adviser took his twitter and thanked the crown prince of Saudi Arabia for his continuous support for the people of Pakistan. He said the facility would help strengthen Pakistan's balance of payments position as the country battles a current account crisis. “Would like to Thank The Crown Prince of Saudi Arabia, His Highness Muhammad Bin Salman for his continuous support for the people of Pakistan,” he tweeted. Retweeting the finance adviser's post, Minister of State for Revenue Hammad Azhar welcomed the good news and said that it would greatly help Pakistan’s foreign exchange reserves as well. Prime Minister Imran Khan has been informed about the development over the matter. Riyadh will provide Islamabad deferred payment facility for import of oil, worth up to $3 billion. An agreement in this regard was signed during the visit of Prime Minister Imran Khan to Saudi Arabia to attend the Future Investment Initiative (FII) conference, a trip he undertook on the invitation of King Salman bin Abdul Aziz Al-Saud. This arrangement will be in place for three years, after which it will be reviewed. The loan worth up to $3 billion in deferred payments for oil imports will help stave off an economic crisis. It is pertinent to mention here that the oil on credit will help stabilize Pakistani currency in exchange rate with dollar. The recent hike in oil prices import bill of Pakistan has increased to extra-ordinary proportions.