Minister for Finance Shaukat Tarin has said that the federal government has finalized the financial package with Saudi Arabia.
It is pertinent to mention here that this financial package will help Pakistan avert its balance of payment crisis.
While speaking to the journalists, the finance minister said that Saudi Arabia has affirmed financial support worth $3.6 billion to Pakistan to buy petroleum products or crude oil.
“This funding arrangement will be placed for two years. Pakistan is expected to get $150 million per month from Saudi Arabia,” Shaukat Tarin maintained.
Two days earlier, while addressing the National Assembly, the finance minister said that Pakistan had requested Saudi Arabia after the rise in global crude oil prices. “The oil supply agreement with Saudi Arabia is nearing completion,” he added.
On June 21, Saudi Arabia had agreed to restart oil aid to Pakistan worth at least $1.5bn annually in July, Financial Times reported.
The oil facility would help ease external account position of the country; however, the FT reported that the new facility would be less than half of the previous oil facility of $3.4bn approved in November 2018.