Saudi Arabia offers Pak $3 billion to ease balance of payments crisis

Reuters
Islamabad, Pakistan Published: Oct 23, 2018, 09.11 PM(IST)

File photo of Imran Khan (L) with Crown Prince of Saudi Arabia Mohammad bin Salman. Photograph:( AFP )

Story highlights

'It was agreed Saudi Arabia will place a deposit of $3 Billion for a period of one year as balance of payment support,' Pakistan's foreign ministry said in a statement.

Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and allow it to defer payments for oil imports to help stave off a current accounts crisis, Pakistan's government said on Tuesday

The agreement came as new Pakistani Prime Minister Imran Khan attended a Saudi investment conference that has been boycotted by several other leaders over the death of a dissident Saudi writer at the country's consulate in Istanbul.

"It was agreed Saudi Arabia will place a deposit of $3 Billion for a period of one year as balance of payment support," Pakistan's foreign ministry said in a statement.

"It was also agreed that a one-year deferred payment facility for import of oil, up to $3 Billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter."

Read in App