Saudi Arabia revives $4.2 billion support to Pakistan

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Islamabad (Web Desk): 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.

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, an official said.

In addition, the Saudi government would provide crude oil to Islamabad on deferred payments worth up to $1.5bn per annum.

“Saudi Arabia announcement support Pakistan with 3 billion US dollars as deposit in Pakistan central bank and also financing refined petroleum product with 1.2 billion US dollars during the year,” Information Minister Fawad Chaudhry also confirmed the development in a tweet.

However, a formal announcement would be made by PM’s adviser on finance and revenue Shaukat Tarin and Energy Minister Hammad Azhar on Wednesday (today) at a news conference.