ISLAMABAD – Saudi Arabia will extend a $3.2 billion deferred paymentfacility with Pakistan for petroleum products from the start of July, thePM’s Adviser on Finance Dr Abdul Hafeez Shaikh said on Wednesday.

The facility will be worth $275 million per month and will amount to $3.2bnper year for a period of three years, the finance adviser said.

linkDr. Abdul Hafeez Shaikh@ahshaikhfinancelink · 1h linklink

1/. Would like to Thank The Crown Prince of Saudi Arabia, His HighnessMuhammad Bin Salman for his continuous support for the people of Pakistan.

linkDr. Abdul Hafeez Shaikh@ahshaikhfinancelink

2./ From 1st July 2019 KSA is activating the deferred payment for petroleumproducts facility of US$ 275mn per month amounting to US$3.2 Billion peryear for 3 years. This will strengthen Pakistan’s Balance of Paymentsposition

In a message posted on social media website Twitter, Dr Hafeez Shaikhthanked the Crown Prince of Saudi Arabia for his continuous support for thepeople of Pakistan.

linkDr. Abdul Hafeez Shaikh@ahshaikhfinancelinklink

1/. Would like to Thank The Crown Prince of Saudi Arabia, His HighnessMuhammad Bin Salman for his continuous support for the people of Pakistan.link

He said the facility would help strengthen Pakistan’s balance of paymentsposition as the country battles a current account crisis.

Retweeting the finance adviser’s post, Minister of State for Revenue HammadAzhar welcomed the good news and said that it would greatly help Pakistan’sforeign exchange reserves as well.