Saudi Arabia gives $3 billion deferred oil payment facility to Pakistan

Saudi Arabia gives $3 billion deferred oil payment facility to Pakistan

RIYADH - Saudi Arabia will place a deposit of three billion dollars for one year as balance of payment support for Pakistan.

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

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

At the invitation of Saudi King Salman bin Abdulaziz, the Prime Minister visited Saudi Arabia to participate in Future Investment Initiative Conference.

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

The earlier visit of the Saudi delegation had evaluated the possibility of investing in a petroleum refinery in Pakistan. Saudi Arabia confirmed its interest in this project, and an MoU will be signed after obtaining cabinet approval.

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