KSA start oil import on deferred payment from July
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Prime Minister Imran Khan travel to Riyadh and meet King Salman.
Saudi Arabia’s assured deferred payment facility to Pakistan for the latter’s oil imports will take effect from July 1, in which Pakistan will acquire petroleum products worth $275 million every single month.
Would like to Thank The Crown Prince of Saudi Arabia, His Highness Muhammad Bin Salman for his continuous support for the people of Pakistan.
— Dr. Abdul Hafeez Shaikh (@Update_DrHafeez) May 22, 2019
From 1st July 2019 KSA is activating the deferred payment for petroleum products facility of US$ 275mn per month amounting to US$3.2 Billion per year for 3 years. This will strengthen Pakistan’s Balance of Payments position.
— Dr. Abdul Hafeez Shaikh (@Update_DrHafeez) May 22, 2019
Minister for Planning, Development and Reforms Khusro Bakhtiar greeted the news, adding that the facility would have a optimistic effect on the stock market.
Former year, Riyadh had decided to provide a bailout package of $6bn to support Pakistan’s worsening economy. According to the agreement, $3bn were to be provided in foreign currency to address Pakistan’s balance of payments catastrophe. A deferred payment facility for the supply of oil worth up to another $3 billion was also part of the package.
