energyupdate.com.pk img energyupdate.com.pk im energyupdate.com.pk img energyupdate.com.pkimg energyupdate.com.pk img energyupdate.com.pk img energyupdate.com.pk img energyupdate.com.pk img energyupdate.com.pk
jj
News Line
Deferred Payment Facility For Oil Imports From Saudi Arabia to Kick In From July: Hafeez Shaikh

sdsadSaudi Arabia's promised deferred payment facility to Pakistan for the latter's oil imports will kick in from July 1, under which Pakistan will receive petroleum products worth $275 million every month, Radio Pakistan reported on Wednesday.

Quoting a tweet by Adviser to the Prime Minister on Finance Hafeez Shaikh, Radio Pakistan stated that the kingdom will export petroleum products worth $3.2 billion to Pakistan every year for the next three years.

The finance adviser said that the facility will "strengthen Pakistan's balance of payments position", and thanked Saudi Crown Prince Mohammed bin Salman for "his continuous support for the people of Pakistan".

Minister for Planning, Development and Reforms Khusro Bakhtiar also hailed the news, adding that the facility would have a positive effect on the stock market. In a statement, Bakhtiar said that the deferred payment facility "will reduce the pressure [created by the] outflow of foreign exchange". He also thanked the Saudi government for the facility.

Last year, Riyadh had agreed to provide a bailout package of $6bn to help resuscitate Pakistan's worsening economy. According to the agreement, $3bn were to be provided in foreign currency to address Pakistan's balance of payments crisis. A deferred payment facility for the import of oil worth up to another $3 billion was also part of the package.

 
   
QUICK LINKS:
> Home
                   
>The Magazine

>Data Sheet

>Our Team

>News Letter

>Event

> Media Centre

>
Registration Form

> Subscription Form

> Important Links

> Download

> Contact

> Career Opportunities

>
Announcement

> Events Highlights

> CSR roundup




 
 
           a  Facebook
 
 
Design & Maintained by Net Eyes All copyright reservied@ 2012 to 2013