Pakistan enters $1.2 Billion deferred oil payment deal with Saudi Arabia for economic relief
ISLAMABAD – Another boost on the economic front as Saudi Arabia provides oil to Pakistan on deferred payments for another year.
The South Asian nation inked significant agreement with the Saudi Fund for Development (SFD), allowing the country to import Saudi oil on deferred payments for one year, amounting to $1.2 billion. The fresh deal aims to strengthen Pakistan’s economic stability by securing a steady oil supply and alleviating fiscal pressures.
The agreement was formalized during a meeting in Islamabad between Prime Minister Shehbaz Sharif and a delegation led by SFD CEO Sultan Bin Abdul Rehman Al Marshad. Besides understanding on oil import agreement, a loan term for Gravity Flow Water Supply Scheme in KP was also signed to provide clean drinking water to over hundred thousand people in the northwestern region.
At the event, Pakistani premier Shehbaz Sharif praised Saudi Fund for Development for its ongoing support across various sectors, including health, energy, infrastructure, and education. He also acknowledged the Fund’s role in helping with reconstruction efforts in 2022 flood.
