ISLAMABAD – Saudi Arabia will place a deposit of three billion dollars forone year as balance of payment support for Pakistan.

This was stated in a statement issued by Foreign Office on conclusion ofPrime Minister Imran Khan’s two-day visit to Saudi Arabia, on Tuesday.

According to the statement, a memorandum of understanding to this effectwas signed between Finance Minister Asad Umar and Saudi Finance MinisterMuhammad Abdullah Al-Jadaan.

At the invitation of Saudi King Salman bin Abdulaziz, the Prime Ministervisited Saudi Arabia to participate in Future Investment InitiativeConference.

The statement said it was also agreed that a one year deferred paymentfacility for import of oil, up to three billion dollars, will be providedby Saudi Arabia. This arrangement will be in place for three years, whichwill be reviewed thereafter.

The earlier visit of the Saudi delegation had evaluated the possibility ofinvesting in a petroleum refinery in Pakistan. Saudi Arabia confirmed itsinterest in this project, and an MoU will be signed after obtaining cabinetapproval.

Saudi Arabia expressed interest in development of mineral resources inPakistan. For this purpose, the federal government and the government ofBalochistan will consult, following which a delegation of Saudi Arabia willbe invited to visit Pakistan.

During the visit, the Prime Minister had detailed bilateral discussionswith King Salman bin Abdul Aziz and Crown Prince Muhammad bin Salman.

The Crown Prince agreed to the Prime Minister’s suggestion to reduce visafee for Pakistani workers, which is a significant step towards enhancingPakistan’s workforce in Saudi Arabia.

After the inauguration of the Future Investment Initiative Conference, aPakistan-specific session was organized, in which the Prime Ministerunderlined Pakistan’s priorities towards optimizing the economy andattracting foreign investment.

Stressing the focus of his government on human resource development, ImranKhan highlighted the potential of Pakistan’s youth, identified lucrativeinvestment opportunities in the tourism sector, minerals, coal and gasexploration, and information technology.

He mentioned the successes of Pakistan in the fight against terrorism,which has brought peace and stability to the country and elaborated thesignificance of China Pakistan Economic Corridor.

The Prime Minister also took several questions from the audience comprisinghundreds of business entrepreneurs.