ISLAMABAD: On Monday, Pakistan and the Saudi Fund for Development (SFD) agreed to postpone by a year the payment of $1.2 billion for the nation’s oil purchases.
The signing of two agreements totaling $1.61 billion between Prime Minister Shehbaz Sharif and SFD Chief Executive Officer Sultan Abdulrahman Al-Marshad further solidified their economic partnership.
The signature of the Oil Import Financing Facility, which would allow Pakistan to acquire oil on a one-year deferred payment basis, was hailed by the PM.
“This project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens,” added the statement.
Additionally, the two parties signed a $41 million concessional financing arrangement for the development of a gravity-flow water scheme in Mansehra.
