Another Rescue: SA To Activate $3.2Bn Deferred Payment Facility For Oil From July
LAHORE MIRROR REPORT– Advisor to the Prime Minister On Finance Dr Abdul Hafeez Shaikh Wednesday said the Kingdom of Saudi Arabia (KSA) would extend a $3.2 billion deferred payment facility to Pakistan for petroleum products from the beginning of July this year.
He further said the facility will be worth $275 million per month and will amount to $3.2bn per year for a period of three years.
Mr Shaikh in a twitter message thanked the Crown Prince of Saudi Arabia for his continuous support for the people of Pakistan.
He said the facility would help strengthen Pakistan’s balance of payments position as the country battles a current account crisis.
Minister of State for Revenue Hammad Azhar retweeted the post of Mr Shaikh, welcomed the good news and said it would greatly help Pakistan’s foreign exchange reserves as well.— LAHORE MIRROR