Pakistan Secures Saudi Oil Payment Deferral

The Pakistan government and Saudi Fund for Development (SFD) have finalized an agreement to postpone a USD 1.2 billion oil import payment for one year. This deal is part of two agreements signed, which also include a water supply project in Mansehra. The arrangement aims to ease Pakistan's economic burden.

In a significant economic move, the Pakistan government signed an agreement with the Saudi Fund for Development to defer a USD 1.2 billion payment on oil imports for one year.

The Radio Pakistan report confirmed that two financing agreements were formalized on Monday between Pakistan and the SFD, with values exceeding one billion dollars.

These agreements involve a USD 1.2 billion facility for deferred oil payments and a USD 41 million project for gravity flow water supply in Mansehra. Key figures like Secretary Economic Affairs Dr. Kazim Niaz and SFD CEO Sultan Abdulrahman Al-Marshad officiated the signing, witnessed by Prime Minister Shehbaz Sharif and Saudi Ambassador Nawaf bin Said Al-Malki.