Pakistan to get oil on deferred payment worth $275mn a month from KSA

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ISLAMABAD: Prime Minister Imran Khan’s economic adviser Dr Abdul Hafeez Shaikh said Saudi Arabia was activating the deferred payment for petroleum products facility of US275 million per month amounting to $3.2 billion from July 1, 2019.

Taking to Twitter on Wednesday, Shaikh said that the Saudi support would strengthen Pakistan’s balance of payment position.

The adviser thanked Saudi Crown Prince Muhammad bin Salman for the support.

“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 said.

“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,”  he added.

Separately, Federal Science Minister Fawad Chaudhry lauded the Saudi support to help Pakistan deal with the economic crisis.

“Not the first time Saudi Arabia has proved to be a true friend of Pakistan , Whenever Pak is in need we have a friend indeed #SaudiArabia,” Chaudhry tweeted.

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