- Pakistan to import oil into delayed payment for a year.
- PM Shehbaz, CEO of SFC signature of the agreements.
- The CEO of SFD provides early treatment for shared projects.
Islamabad: Pakistan signed an agreement on Monday with the Saudi Fund for Development (SFD) to postpone a year of $ 1.2 billion on the country’s oil imports.
Prime Minister Shehbaz Sharif and the CEO of the SFD, Sultan Abdulrahman al-Marshad, witnessed the signing of two agreements worth $ 1.61 billion, further strengthening bilateral economic cooperation.
The Prime Minister praised the signing of the oil importation funding installation that Pakistan receives oil in deferred payment for a year.
“This project will strengthen Pakistan’s economic resilience by guaranteeing a stable supply of petroleum products while reducing immediate budgetary charges,” a statement said.
The two parties also signed a concessional loan agreement for the construction of a gravity flow regime in Manshra, $ 41 million. The program should benefit around 150,000 people living in the region.
Petroleum products, mainly from Saudi Arabia, constitute the main part of the import bill of Pakistan. The Saudi installation can help Islamabad stimulate its foreign reserves before the first examination of an IMF rescue of $ 7 billion in March.
The SFD delegation calls the first first
After the ceremony, the SFD delegation called the Prime Minister and shared updates on current projects, including the Mohmand hydroelectric project, the Golan Golan Hydroelectric Project, the Malakand regional development project and Other projects funded by Saudi subsidies.
The Prime Minister welcomed the delegation and appreciated the longtime friendship between Saudi Arabia and Pakistan and the efforts of the SFD to provide funding in Pakistan in the fields of health, energy, infrastructure and education as well as reconstruction after the floods of 2022.
The PM Shehbaz, while appreciating the support of the SFD, underlined the need to accelerate the treatment of new projects, shared with SFD, in the field of green energy and infrastructure, which once implemented would contribute greatly to The country’s economic recovery, in addition to meeting the needs of local communities.
The CEO, SFD, has provided early treatment for shared projects and also reiterated that Saudi Arabia, under the direction of the royal family, would extend all possible assistance and continuous support in Pakistan.
– with an additional reuters input