October 21, 2021

Saudis agree 150 million monthly deferred payment on oil to Pakistan

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ISLAMABAD Oct 01,2021- Finance Minister Shaukat Tareen on Friday has said that the issue of obtaining oil from Saudi Arabia on deferred payment has been settled.

Talking to media, Shaukat Tareen said that Saudi Arabia would provide 150 million monthly deferred payment facility to Pakistan.

Shaukat Tareen said that Saudi Arabia would give 3 3.6 billion to Pakistan in two years.

The finance minister added that the money would be used to buy oil.

In May 2019, Pakistan has announced that the delayed $3.2 billion Saudi oil and gas facility on deferred payments would become operational from July this year, which is likely to partially relieve pressure on external sector payments.

In October 2018, Saudi Arabia had announced a $6 billion bailout package for Pakistan’s ailing economy, which included oil supply on deferred payment worth $3 billion while $3 billion in balance of payment support.