Saudi Arabia agrees to revive monetary help to Pakistan – New Delhi Information
An settlement to this impact was reached in the course of the go to of Pakistan Prime Minister Imran Khan to the dominion this week, a senior authorities official advised Dawn. However, a proper announcement could be made by the PM’s adviser on finance and income Shaukat Tarin and Energy Minister Hammad Azhar on Wednesday at a information convention.
The improvement was later confirmed in a midnight tweet by Information Minister Fawad Chaudhry. “Saudi Arabia’s announcement support Pakistan with 3 billion US dollars as deposit in Pakistan central bank and also financing refined petroleum products with 1.2 billion US dollars during the year,” he wrote.
The Saudi authorities would instantly deposit $3bn in Pakistan’s account for a yr and maintain it rolling at the least till the completion of the IMF programme in October 2023, the official earlier mentioned, as per the report.
The facility is predicted to assist Pakistan persuade the IMF about its financing plan. In addition, the Saudi authorities would supply crude oil to Islamabad on deferred funds value as much as $1.5bn every year.
Saudi Arabia had additionally offered $3bn in money deposits and promised a $3bn oil facility to Pakistan to assist the latter shore up its international trade reserves in 2018. However, because the bilateral relations deteriorated later Islamabad needed to return $2bn of the $3bn deposits, the report added.