During the first two months of the current fiscal year 2023-24, Pakistanreceived $200 million worth of petroleum products through a deferredpayment arrangement under the Saudi oil facility, falling short of thebudgeted estimate of $600 million.
Official documents reveal that in August 2023, Pakistan imported $100million worth of petroleum products through this deferred paymentmechanism, with an additional $100 million received in July 2023.
In the previous fiscal year 2022-23 (FY23), Pakistan had importedpetroleum products totaling $1.182 billion under the Saudi oil facility,surpassing the budgeted estimate of $800 million.
This financing arrangement, amounting to $1.2 billion for petroleumproduct imports, was originally signed in November 2021 between the SaudiFund for Development (SFD) and Pakistan’s Economic Affairs Division (EAD).
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Saudi Arabia extended the deferred payment period for an additional year inMarch of this year, and it is anticipated that Pakistan will continue toutilize this extended facility until February 2024.
