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Saudi Arabia agrees to give Pakistan US$3bn

ISLAMABAD (Muslim Times) – Saudi Arabia on Tuesday agreed to provide Pakistan US$3 billion for one year as balance of payment support and to provide a one-year deferred payment facility for oil payments, up to $3 billion, Foreign Office said.

In a statement issued by the Ministry of Foreign Affairs, PM Imran Khan’s visit to Saudi Arabia has resulted in significant understandings between Pakistan and Saudi Arabia.

Saudi Arabia will place a deposit of US$3 billion for a period of one year as balance of payment support, the statement added.

It was also agreed that a one year deferred payment facility for import of oil, up to US$3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.

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