Riyadh to provide $4.2b for payments, oil financing: Tarin

Observer Report

Adviser to Prime Minister on Finance and Revenue, Shaukat Tarin on Wednesday announced that Saudi Arabia would provide $4.2 billion to Pakistan to overcome its balance of payment issues and address energy problems faced by the country.

The adviser, addressing a press conference along with Federal Minister for Energy, Hammad Azhar, said that out of this amount $3 billion would be placed with the State Bank of Pakistan to help balance of payments and $1.2 billion would be provided as oil supplies on deferred payment.

The minister said that the Crown Prince of Saudi Arabia had told him that Pakistan and Prime Minister Imran Khan hold special place for the Kingdom, so he (Crown Prince) was pleased to do this.

He said that the Saudi Finance Minister also telephoned him on Tuesday and informed him about the support.

The adviser said that some of the amount had already been released on Tuesday. He informed that the rate of interest on the loan would be 3.2 percent.

Talking about the inflation, the adviser said that oil prices in Pakistan were the lowest as compared to other countries, including regional ones, except the oil producing countries.

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