According to the prime minister’s office, Pakistan and the Saudi Fund for Development inked an agreement Monday to postpone by a year a $1.2 billion payment on the nation’s oil imports.
The signing event was broadcast live on Pakistan’s national television before Prime Minister Shehbaz Sharif was visited by a fund delegation headed by Sultan Bin Abdul Rehman Al Marshad, the fund’s CEO.
According to a statement from the office, Sharif praised the signing of the financing agreement for oil imports. According to the statement, Pakistan would get the oil on a one-year deferred payment basis.
According to the prime minister’s office, “this project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens.”
