According to the details, the Kingdom of Saudi Arabia has agreed to extend helping hand towards Pakistan in the economically crucial time.
Pakistan’s friendly Islamic country Saudi Arabia has announced to provide oil, worth up to 3 billion dollars on credit. The details said that the Prime Minister of Pakistan Imran Khan has been informed about the development that Saudi Arabia will provide Pakistan deferred payment facility for the import of oil.
The agreements about this deal were signed during the visit of PM Imran Khan to Saudi Arabia on the invitation of King Salman bin Abdul Aziz Al-Saud to attend the Future Investment Initiative (FII) conference.
As per the detail of the agreement, the arrangement will be in place for the period of three years, after which it will be reviewed.
The loan from Saudi Arabia in deferred payments for oil imports worth up to 3 billion dollars will help stave off an economic crisis of Pakistan. It will also help to stabilize the Pakistani currency in exchange rate dollar.