Prime Minister Imran Khan praised Saudi Crown Prince Mohammad Bin Salman for assisting Pakistan by depositing $3 billion in the State Bank of Pakistan and deferring payment of $1.2 billion in oil supplies.
Saudi Arabia has backed Pakistan in difficult times, Imran Khan noted in a tweet today. Especially now as the world grapples with rising commodity prices, he added.
Saudi Arabia has agreed to provide $3 billion deposits to Pakistan. The money will be used to shore up the country’s foreign exchange reserves. This package from Saudi Arabia is expected to go a long way to accomplish the sixth review under the Extended Fund Facility (EFF)..
Fawad Chaudhary, the Minister of information, also announced ton Twitter that the agreement has reached with Riyadh. He tweeted, “Saudi Arabia” announced support to Pakistan with a 3 billion dollar deposit in the Pakistan central bank and financing refined petroleum products with 1-2 billion dollars this year.
The facility according to Minister of Energy Hammad Azhar, will help relieve strains on trade and foreign accounts as a result of the global commodities price spike.
Finance Minister Shoukat Tarin and Energy Minister Hammad Azhar will have a press conference today to further elaborate the media about the benefits of the agreement.