KSA to start oil supply on deferred payments from July: Hafeez Shaikh

F.P. Report

ISLAMABAD: Prime Minister’s Advisor on Finance Dr Abdul Hafeez Shaikh said that Kingdom of Saudi Arabia will supply oil worth $3.2 billion per year to Pakistan on deferred payments for the next three years and adding that the oil supply from Saudi Arabia on deferred payments will start from July 1.

Hafeez Shaikh added that the Kingdom would supply $275 million oil to Islamabad on monthly basis from next month.

The advisor further said, “Oil supply from Saudi Arabia will improve balance of payments.” He thanked Saudi Crown Prince Mohammed bin Salman for his continuous support to Pakistan.

Earlier in the day, Saudi Arabia has agreed to extend helping hand to Pakistan in difficult economic situation, said sources.

According to sources, after high level official contacts the kingdom will likely to provide oil, worth up to $3 billion on credit to Pakistan.

Prime Minister Imran Khan has been informed about the development over the matter, sources said. Riyadh will provide Islamabad deferred payment facility for import of oil, worth up to $3 billion.

An agreement in this regard was signed during the visit of Prime Minister Imran Khan to Saudi Arabia to attend the Future Investment Initiative (FII) conference, a trip he undertook on the invitation of King Salman bin Abdul Aziz Al-Saud.