On 3rd February, The Saudi Fund for Development (SFD) says yes to the agreement of the Federal Government of Pakistan to defer payment of $1.2 billion on oil imports by one year. On the PTV channel, the state broadcaster showed the signing ceremony agreement between a fund delegation led by its CEO Sultan Bin Abdul Rehman Al Marshad, and PM Shehbaz Sharif. In a statement, the Prime Minister’s Office (PMO) said that the Prime Minister welcomed the signing of the oil import financing facility. It said Pakistan would get the oil on deferred payment for one year.
The Prime Minister’s Office (PMO) said, “The Project of Oil Import will strengthen Pakistan’s economic resilience and reduce immediate fiscal burdens.” It also said the fund would give an amount of 41 million $ for the scheme of water supply for 150,000 people of Khyber Pakhtunkhwa to help access clean water for drink. Petroleum products from Saudi Arabia are a major part of Pakistan’s import bill. In March the Saudi Facility will defer the payment of 7 Billion $ in a bailout from the International Monetary Fund (IMF) and, this will help Islamabad boost its foreign reserves ahead of the first review.
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In a meeting with the CEO of SFD Finance Minister Muhammad Aurangzeb shared updates on the macroeconomic stability of Pakistan, focusing on the improvements in key economic indicators. The Finance Minister of Pakistan shows appreciation for the well-established partnership between Saudi Arabia and Pakistan, Highlighting the importance of continuous support in funding and investment which has remarkably contributed to the economic growth of Pakistan.
He remembered his last meeting in Davos with the Finance Minister of Saudi Arabia Mohammed bin Abdullah Al-Jadaan and the latter’s invitation to Pakistan to attend the first edition of the top-level conference on challenges and opportunities facing emerging market economies later this month. The Finance Minister of Pakistan showed his expectations for the conference noting the valuable insights he expected to gain from the event and the leadership of Saudi Arabia in executing Vision 2030.
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In addition to this, The meeting emphasized the strong relationships between Saudi Arabia and Pakistan set the stage for additional economic collaboration concentrating on investments, expanding bilateral cooperation, and workforce development.
