Islamabad: Cash-strapped Pakistan will start getting the much-anticipated Saudi Arabian oil on deferred payments from July, Prime Minister Imran Khan's Advisor on Finance has said.
Last year, Saudi Arabia agreed to provide a bailout package of USD 6 billion to help resuscitate Pakistan's worsening economy.
In October last year, the Kingdom had also agreed to establish a credit line worth USD 3 billion for the sale of petroleum products on credit for three years to Islamabad and to give USD 3 billion in Pakistan's foreign currency reserves for a year.
In a tweet, late Wednesday, Prime Minister's Advisor on Finance Abdul Hafeez Shaikh said Saudi Arabia will supply oil worth USD 3.2 billion per year on deferred payments for three years.
&ldquo;The Kingdom will supply USD 275 million oil to Pakistan on monthly basis from July,&rdquo; Shaikh said adding that the facility will &ldquo;strengthen Pakistan's balance of payments position,&rdquo; and thanked the Crown Prince.
<h2>Pakistan test fires ballistic missile</h2>
Pakistan on Thursday successfully test-fired surface-to-surface ballistic missile Shaheen-II, capable of hitting targets as far as 1,500 kilometers away, bringing major Indian cities under its range. The Pakistan Army said in a statement that the launch was aimed at ensuring operational readiness of the Army Strategic Forces Command. &ldquo;Shaheen-II Missile is capable of carrying conventional and nuclear warheads and meets Pakistan's needs towards maintenance of deterrence,&rdquo; the Army said.
$3.2bn Worth of oil Saudi Arabia will supply to Pakistan per year for three years

Last year, Saudi Arabia agreed to provide a bailout package of USD 6 billion to help resuscitate Pakistan's worsening economy

Pakistan to get Saudi oil for 3 years on deferred payments from July

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Home / News / World News / Article / Pakistan to get Saudi oil for 3 years on deferred payments from July

Pakistan to get Saudi oil for 3 years on deferred payments from July

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