Islamabad: Saudi Arabia on Tuesday announced that it has agreed to revive its financial support to Pakistan, which includes about $3 billion in safe deposits and $1.2bn to $1.5bn worth of oil supplies on deferred payments, Dawn reported on Wednesday.
This was agreed upon during Prime Minister Imran Khan’s visit to Saudi Arabia this week. However, a formal announcement to the effect will be made by the PM’s adviser on finance and revenue Shaukat Tarin and Energy Minister Hammad Azhar on Wednesday at a news conference.
The Saudi government will be depositing $3bn in Pakistan’s account for a year immediately and keep it rolling at least until the completion of the IMF programme in October 2023, officials said.
This extension of financial facility is expected to help Pakistan convince the IMF about its financing plan. In addition, the Saudi government will also be providing crude oil to Islamabad on deferred payments worth up to $1.5bn per annum.