*ISLAMABAD: Pakistan has decided to seek an additional package of $3.2billion from Saudi Arabia which will increase the total financialassistance package to $7.4 billion from the existing $4.2 billion in orderto avert further depletion of foreign currency reserves. *
The request will be made during Prime Minister Shehbaz Sharif’s three-dayofficial visit to Saudi Arabia that would begin on April 28 (Thursday).
According to finance ministry officials, Pakistan has decided to seek a$7.4 billion financial assistance package from Saudi Arabia in the shape ofcash deposits and oil on deferred payments.
“Pakistan will also make a request to the Kingdom of Saudi Arabia forrollover of the existing package of $4.2 billion for one year till June2023,” the source within finance ministry told ARY News.
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PM Shehbaz led coalition government will also request the Kingdom of SaudiArabia to double the Saudi Oil Facility (SOF) from $1.2 billion to $2.4billion, they added.
It is worth mentioning here that Islamabad has already asked the Fund toextend the existing Extended Fund Facility (EFF) for nine months till June2023 coupled with increasing the size of the programme from $6 billion to$8 billion.
