Saudi Arabia to extend $3.2 billion deferred payment facility with Pakistan from July

Saudi Arabia to extend $3.2 billion deferred payment facility with Pakistan from July

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Saudi Arabia will extend  $3.2 billion deferred payment facility for petroleum with Pakistan from July 1, as promised in October last year.

“The Saudi facility will get activated in July and provide about $3 billion worth of oil supplies on deferred payments,” finance ministry’s spokesman Dr Khaqan Najeeb told sources.

The facility will be worth $275 million per month and will amount to $3.2bn per year for three years, said adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh.

He took to twitter to thank the Saudi Crown Prince.

 

The United Arab Emirates had also promised a similar support for Pakistan — $3bn in cash deposit and $3bn oil supplies on deferred payments.

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