Pakistan has signed an agreement with the Saudi Fund for Development (SFD) to defer a $1.2 billion payment for oil imports by one year. The deal, signed in Islamabad, comes as Pakistan seeks economic relief while strengthening ties with Saudi Arabia.
Pakistan and Saudi Arabia signed an agreement on Monday to defer a $1.2 billion oil payment for one year, providing economic relief to Islamabad’s struggling economy.
The Saudi Fund for Development (SFD) delegation, led by CEO Sultan Bin Abdul Rehman Al Murshad, met with Prime Minister Shehbaz Sharif to finalize the deal. The agreement allows Pakistan to receive Saudi oil on a deferred payment basis, easing pressure on foreign exchange reserves.
Prime Minister Shehbaz Sharif welcomed the oil import financing facility, emphasizing Saudi Arabia’s continued support for Pakistan’s financial stability.
In addition to the oil deferral, the Saudi Fund will provide $41 million for a water supply project in northwest Pakistan, aiming to improve access to clean drinking water for 150,000 people.
The agreement marks another step in Pakistan’s economic cooperation with Saudi Arabia, as the country continues efforts to stabilize its economy and address financial challenges.
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