Pakistan gets oil facility from Saudi Arabia again

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ISLAMABAD – Federal Minister for Finance Shaukat Tarin announced on Friday Saudi Arabia will provide oil on deferred payment to Pakistan, a day after the petroleum prices were hiked by Rs8.82.

Speaking at a ceremony, he said that Saudi Arabia would provide $150 million to Pakistan on a monthly basis, and in two years, it would provide a facility of $3.60 billion.

The finance minister said that the amount will be utilised to procure oil.

In May, Federal Minister for Information Fawad Chaudhry had said Saudi Arabia had agreed to restore the facility of oil supply to Pakistan on deferred payments.

His announcement came after Prime Minister during his visit to the kingdom earlier this year requested the Saudi leadership to revive the oil facility for Pakistan.

Earlier, the kingdom had extended a $6 billion financial package, including $3 billion in foreign currency support, a further loan worth up to $3 billion in deferred payments for oil imports.

Pakistan had secured the previous oil facility when Saudi Crown Prince Mohammad Bin Salman visited Pakistan. The package was made available to Pakistan in 2019.

The whole facility would end in the fourth year of the PTI tenure upon the maturity of getting oil for the third year.

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