KSA start oil import on deferred payment from July – 247 City News

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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.

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.

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