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Saudi Arabia to provide $3 billion funding to Pakistan

Date: 30 November 2021 Tags: Miscellaneous
  • Saudi Arabia has agreed to provide $3 billion to cash-strapped Pakistan in safe deposits and $1.2 billion and $1.5 billion worth of oil supplies on deferred payments.
  • The Saudi government would immediately deposit $3 billion in Pakistan’s account for a year and keep it rolling at least until the completion of the International Monetary Fund (IMF) programme in October 2023.
  • In addition, the Saudi government would provide crude oil to Islamabad on deferred payments worth up to $1.5 billion per annum.