Saudi Arabia affirms $3.6bn financial support to Pakistan

MG News | October 01, 2021 at 04:40 PM GMT+05:00

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October 1, 2021 (MLN): Saudi Arabia has affirmed financial support worth $3.6 billion to Pakistan to buy petroleum products or crude oil.

While talking to the media, Finance Minister Shaukat Tareen said that the Pakistan government has finalized the financial package with Saudi Arabia. This funding will help the country avert its balance of payment crisis.

This funding arrangement will be placed for two years. “Pakistan is expected to get $150 million per month from Saudi Arabia,” he added.

It is pertinent to note that Pakistan, which is facing the current account deficit (CAD) of $2.29bn during 2MFY22, is about to have its staff-level discussion with the International Monetary Fund (IMF) soon for the release of the sixth tranche under the $6bn program.

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