SAUDIA TO PROVIDE $3.2BN WORTH OF OIL ON CREDIT TO PAKISTAN: DR HAFEEZ

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SAUDIA TO PROVIDE $3.2BN WORTH OF OIL ON CREDIT TO PAKISTAN: DR HAFEEZ

ISLAMABAD (92 News) – Adviser of Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Wednesday that Saudi Arabia will provide $3.2bn worth of oil on credit to Pakistan every year.

According to the details, Saudi Arabia has agreed to extend helping hand to Pakistan in difficult economic situation and good news surfaced.

Abdul Hafeez Shaikh said that the Kingdom of Saudi Arabia (KSA) will extend a $3.2 billion deferred payment facility with Pakistan for petroleum products from the start of July.

He also confirmed that the facility will be worth $275 million per month and will amount to $3.2bn per year for a period of three years.

The finance adviser took his twitter and thanked the crown prince of Saudi Arabia for his continuous support for the people of Pakistan. He said the facility would help strengthen Pakistan’s balance of payments position as the country battles a current account crisis.

“Would like to Thank The Crown Prince of Saudi Arabia, His Highness Muhammad Bin Salman for his continuous support for the people of Pakistan,” he tweeted.

Dr. Abdul Hafeez Shaikh@a_hafeezshaikh

1/. Would like to Thank The Crown Prince of Saudi Arabia, His Highness Muhammad Bin Salman for his continuous support for the people of Pakistan.2,3106:34 PM – May 22, 2019Twitter Ads info and privacy590 people are talking about this

Dr. Abdul Hafeez Shaikh@a_hafeezshaikh · 2h

1/. Would like to Thank The Crown Prince of Saudi Arabia, His Highness Muhammad Bin Salman for his continuous support for the people of Pakistan.

Dr. Abdul Hafeez Shaikh@a_hafeezshaikh

2./ From 1st July 2019 KSA is activating the deferred payment for petroleum products facility of US$ 275mn per month amounting to US$3.2 Billion per year for 3 years. This will strengthen Pakistan’s Balance of Payments position.1,5576:34 PM – May 22, 2019Twitter Ads info and privacy505 people are talking about this

Retweeting the finance adviser’s post, Minister of State for Revenue Hammad Azhar welcomed the good news and said that it would greatly help Pakistan’s foreign exchange reserves as well.

Hammad Azhar@Hammad_Azhar

Good news from our brotherly country Saudi Arabia. This will greatly help Pakistan’s Balance of Payments position and the Foreign Exchange reserves of the country.Dr. Abdul Hafeez Shaikh@a_hafeezshaikhReplying to @ahshaikhfinance2./ From 1st July 2019 KSA is activating the deferred payment for petroleum products facility of US$ 275mn per month amounting to US$3.2 Billion per year for 3 years. This will strengthen Pakistan’s Balance of Payments position.1,2136:47 PM – May 22, 2019Twitter Ads info and privacy328 people are talking about this

Prime Minister Imran Khan has been informed about the development over the matter. Riyadh will provide Islamabad deferred payment facility for import of oil, worth up to $3 billion.

An agreement in this regard was signed during the visit of Prime Minister Imran Khan to Saudi Arabia to attend the Future Investment Initiative (FII) conference, a trip he undertook on the invitation of King Salman bin Abdul Aziz Al-Saud.

This arrangement will be in place for three years, after which it will be reviewed. The loan worth up to $3 billion in deferred payments for oil imports will help stave off an economic crisis.

It is pertinent to mention here that the oil on credit will help stabilize Pakistani currency in exchange rate with dollar. The recent hike in oil prices import bill of Pakistan has increased to extra-ordinary proportions.

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