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

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

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

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'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."