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Pakistan signs deal with SFD to get $1 billion Saudi oil on deferred payment

ISLAMABAD: Pakistan government signed an agreement with Saudi Fund for Development to receive $one billion worth oil from Saudi Arabia on deferred payment.

The SFD Chief Executive Officer Sultan Abdulrahman Al-Marshad and Secretary, Ministry of Economic Affairs Dr Kazim Niaz signed the agreement in Islamabad on Thursday.

Ministry of Economic Affairs said that the signing of the agreement is the implementation of the orders of Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman to support Pakistan in this difficult time.

The deal will give a relief to Pakistan as the foreign exchange reserves of the central bank have declined to $4.3 billion this week.

A few days ago, Saudi Arabia announced $12 billion package for Pakistan. It includes $2 billion in cash deposit and $10 billion investments in Pakistan.

According to Saudi Press Agency (SPA), Saudi Crown Prince Mohammed Bin Salman today ordered the Saudi Development Fund to enhance deposit amount in the State of Bank of Pakistan to $5 billion from existing $3 billion.

“His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince & Prime Minister also directed the SDF to evaluate augmenting the Kingdom of Saudi Arabia’s investments in the Islamic Republic of Pakistan to $10 billion as announced in 2022,” Saudi Press Agency said.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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