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

Islamabad-Ankara-Baku Axis Sharpens Against India

Both Turkey and Azerbaijan have openly expressed solidarity with Pakistan and backed Islamabad in its military standoff with India, this month….reports Asian Lite News The evolving alliance between Islamabad, Ankara, and Baku

US Lifts Syria Sanctions

Syria faces fragile reconstruction path despite sanctions relief. On Friday, the U.S. Treasury Department issued a general license authorizing financial transactions with the interim Syrian government, the central bank, and state-owned enterprises.

EU lifts all economic sanctions on Syria

The European Union agreed to lift all remaining economic sanctions on Syria, hoping the relief will ease access to financial funds and speed up the war-battered country’s recovery after the fall of

Kuwait Celebrates 250 Years with India

Kuwait hosts five-day exhibition marking 250 years of ‘friendship’ with India….reports Asian Lite News Indian Ambassador to Kuwait Adarsh Swaika and Director General of Kuwait’s National Center for Culture, Arts and Letters

Trump sheds isolationism during Middle East trip

His four-day trip through Saudi Arabia, Qatar and the UAE has underscored how dramatically he has reimagined traditional alliances and inserted himself into global conflicts The first major overseas trip of President
Go toTop

Don't Miss

US Senate okays Blome’s appointment as envoy to Pakistan

Blome, who is currently the US Ambassador to Tunisia, has

Smog chokes Karachi as air quality turns ‘very unhealthy’ 

At around 9:20 am, the concentration of harmful PM2.5 pollutants