Saudi Arabia to provide Pak USD 3 bn
Riyadh/Islamabad, Oct 23 : Saudi Arabia will provide Pakistan USD 3 billion for a year to address the cash-strapped country’s balance-of-payments crisis as Prime Minister Imran Khan Tuesday met Saudi King Salman in Riyadh.
The cash-rich Gulf kingdom has also signed an agreement to provide USD 3 billion worth of oil to Pakistan on deferred payment.
The development came as Prime Minister Khan called on Saudi King Salman on the sidelines of the high-profile Future Investment Initiative forum in Riyadh. Both leaders expressed their desire to further strengthen the bilateral cooperation.
According to a statement from Prime Minister Khan’s office in Islamabad, it was agreed that Saudi Arabia will place a deposit of USD 3 billion for a period of one year as balance of payment support.