SAUDI ARABIA WILL LEND OIL TO PAKISTAN AGAIN IN 2021
Deferred payment of up to 3 3 billion per annum has been decided in principle, procedures will be decided soon, confirms Information Minister
Saudi Arabia
will lend oil to Pakistan, deferred payment of up to 3 3 billion per annum has
been decided in principle, the procedure will be decided soon, the Information
Minister confirmed.
The News has
learned that Saudi Arabia has agreed in principle to resume oil facilities on
deferred payments of up to 3US$ billion annually for an extended period, but
the procedure will be finalized soon.
During Prime
Minister Imran Khan's recent visit to Saudi Arabia, Pakistan has made a fresh
request to resume the Saudi Oil Facility (SOF) on extended payments for an
extended period.
Saudi
officials have agreed in principle to approve it, but the exact details will
only be known when the two sides sign a formal agreement.
When Federal
Minister for Information and Broadcasting Fawad Chaudhry was contacted and
asked about the restoration of SOF for an extended period, he said in a short
reply that yes, it is almost done.
As a result
of an agreement with the Kingdom of Saudi Arabia (KSA) for a period of 3 to 5
years to restore the Saudi Oil Facility (SOF) to Pakistan's budget makers for
the next financial year 2021-22. There will be support.
Earlier,
Saudi Arabia had provided a financial package of 6 6 billion, of which 3
billion is deposited in the State Bank of Pakistan and the remaining 3 billion
is for oil facility on deferred payment on an annual basis.
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