Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh has said that Saudi Arabia will provide $3.2 billion oil on deferred payment to Pakistan which will help improve the country''s balance of payment position.
On Wednesday, Advisor tweeted, "I would like to thank the Crown Prince of Saudi Arabia His Highness Mohammed Bin Salman for his continuous support for the people of Pakistan. From July 2019, KSA is activating the deferred amounting to US $3.2 Billion per annum for 3 years. This will strengthen Pakistan''s Balance of Payments position."
Minister of State for Revenue Hammad Azhar tweeted "good news from our brotherly country Saudi Arabia. This will greatly help Pakistan''s balance of payments position and the foreign exchange reserves of the country".
Prime Minister''s visit to Saudi Arabia results in significant understandings that Saudi Arabia will provide a one year deferred payment facility for import of oil, up to US$ 3 billion for a period of three years.
The facility could not operationalize during the current fiscal year for unknown reasons and now according to advisor to Prime Minister on Finance it will be operationalize from July 1, 2019.
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