April 28, 2022
1 min read

Shehbaz may request $7.4bn Saudi aid

Senior Ministry officials said that the government would seek $2 billion additional cash deposit in addition to the rollover of the existing $3 billion facility, which would mature by the end of this year…reports Asian Lite News

During his visit to Saudi Arabia, Pakistan Prime Minister Shehbaz Sharif may seek a $7.4 billion financial assistance package from the kingdom in the shape of cash deposits and oil on deferred payments, including rollover of the existing $4.2 billion facilities that are expiring by the end of this year.

The request will be made during Sharif’s three-day visit that would begin from Thursday, according to the Ministry of Finance officials, The Express Tribune reported.

Finance Minister Miftah Ismail will also be part of the official entourage.

Senior Ministry officials said that the government would seek $2 billion additional cash deposit in addition to the rollover of the existing $3 billion facility, which would mature by the end of this year.

They said this time the country was seeking the loan for a longer than one year period, in addition to relaxation in terms of the previous agreement.

In October last year, Saudi Arabia had announced giving $3 billion in cash deposit for one year and oil on deferred payment equal to $1.2 billion annually.

However, the oil facility became operational only in March this year when the country lifted $100 million equivalent oil.

The request will also be made to double the oil on deferred payments limit to $2.4 billion, according to the officials.

The net additional financial assistance is $3.2 billion in the shape of cash deposits and oil on deferred payments, The Express Tribune reported.

The last PTI government had obtained $3 billion cash at 4 per cent interest rate and the oil on deferred payments at 3.8 per cent rate for one year, according to the terms agreed between both countries.

Unlike in the past, there was no option for the rollover of the Saudi loan and the country is required to return it at once after one year.

ALSO READ: Shehbaz dials Bill Gates, discusses social programmes

Previous Story

Twitter takeover: Parag Agarwal hits back at Musk

Next Story

Blinken backs India on Russia ties

Latest from -Top News

Pakistan in the Dark: Power Crisis Boils Over

Regular power outages are a fact of life in Pakistan, but recent developments suggest that the situation is escalating to new extremes….writes Nasir Khattak In early January 2025, a nerve-breaking power outage

Modi, MBZ talk big ties

The call reaffirmed their keenness to “strengthen relations in line with their shared vision to leverage opportunities and deepen strategic cooperation.”…reports Asian Lite News In a significant diplomatic engagement, Prime Minister Narendra

It’s Official: Trump Slaps 25% Tariff on India

Trump issues executive order formalising India’s tariff at 25 pc…reports Asian Lite News New York, Aug 1 (IANS) As the deadline for tariffs neared, US President Donald Trump imposed the threatened tariff

Balochistan not for sale, Trump told

Mir Yar Baloch asserted that Trump’s recognition of the oil and mineral reserves in the region is “indeed accurate.”…reports Asian Lite News Just after US President Donald Trump announced to help Pakistan
Go toTop

Don't Miss

Baloch diaspora protest in London, Amsterdam against atrocities

The day saw a similar protest in Amsterdam, focusing enforced

Pak govt succumbs to IMF pressure again

The decision was reportedly taken as the IMF has been