Oil worth 3.2 billion USD, available on deferred payment basis by Saudi Arabia

Saudi Arabia Oil

The Kingdom of Saudi Arabia (KSA) has promised to provide deferred payment facility on oil imports to Pakistan. Starting from July 2019, Pakistan will receive petroleum products worth 275 million USD every month. The facility will be available for three years, with imports of 3.2 billion USD per year.

The finance secretary, Abdul Hafeez Sheikh while thanking the Crown Prince of Saudi Arabia, added that the facility would help strengthen Pakistan’s balance of payments position as the country battles a current account crisis. The secretary conveyed his gratitude to His Highness Muhammad Bin Salman, on behalf of the people of Pakistan in a tweet.

Minister of Planning, Development, and Reforms, Khusro Bakhtiar welcomed the news and added that the facility would help the stock market to gain strength. Minister for State for Revenue, Hammad Azhar also commented that the uplifting news would extraordinarily help Pakistan’s foreign exchange reserves too.

I am an accountant with over 3 years of experience in the field of Accounts and Finance. I contribute to e-Syndicate as Researcher and News Writer. I write about Finance, Business, Local Pakistani News and International Finance.