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

Modi all set for Japan, China visits

By travelling to both Tokyo and Tianjin within the span of a week, Modi is set to balance strategic partnerships with Japan and cautious engagement with China – two relationships that will
Go toTop

Don't Miss

Imran caught in Saudi trap

The higher interest rate will reportedly cost Pakistan $24 billion

MBZ, MBS cement UAE-Saudi ties

The meeting touched on various aspects of strategic cooperation between