$3.2bn oil from KSA on deferred payment from July 01: Hafeez

ISLAMABAD: Kingdom of Saudi Arabia (KSA) will extend a $3.2 billion deferred payment facility to Pakistan for petroleum products from July 01 this year, PM’s Adviser on Finance Dr Abdul Hafeez Shaikh said on Wednesday.

The facility will be worth $275 million per month and will amount to $3.2 billion per year for a period of three years, the finance adviser said.In a message posted on Twitter, Dr Shaikh thanked the Crown Prince of Saudi Arabia for his continuous support for the people of Pakistan. He said the facility would help strengthen Pakistan’s balance of payments position as the country battles a current account deficit.

Re-tweeting the finance adviser’s post, Minister of State for Revenue Hammad Azhar welcomed the good news and said it would greatly help Pakistan’s foreign exchange reserves as well.