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Pakistan to get Saudi oil for 3 years on deferred payments from July

Last year, Saudi Arabia concluded to yield a bailout package of USD 6 billion to assistance cure Pakistan’s worsening economy

Pakistan to get Saudi oil for 3 years on deferred payments from July

Islamabad: Cash-strapped Pakistan will start removing a much-anticipated Saudi Arabian oil on deferred payments from July, Prime Minister Imran Khan’s Advisor on Finance has said.

Last year, Saudi Arabia concluded to yield a bailout package of USD 6 billion to assistance cure Pakistan’s worsening economy.

In Oct final year, a Kingdom had also concluded to settle a credit line value USD 3 billion for a sale of petroleum products on credit for 3 years to Islamabad and to give USD 3 billion in Pakistan’s unfamiliar banking pot for a year.

In a tweet, late Wednesday, Prime Minister’s Advisor on Finance Abdul Hafeez Shaikh pronounced Saudi Arabia will supply oil value USD 3.2 billion per year on deferred payments for 3 years.

“The Kingdom will supply USD 275 million oil to Pakistan on monthly basement from July,” Shaikh pronounced adding that a trickery will “strengthen Pakistan’s change of payments position,” and thanked a Crown Prince.

Pakistan exam fires ballistic missile

Pakistan on Thursday successfully test-fired surface-to-surface ballistic barb Shaheen-II, able of attack targets as distant as 1,500 kilometers away, bringing vital Indian cities underneath a range. The Pakistan Army pronounced in a matter that a launch was directed during ensuring operational willingness of a Army Strategic Forces Command. “Shaheen-II Missile is able of carrying required and chief warheads and meets Pakistan’s needs towards upkeep of deterrence,” a Army said.

$3.2bn
Worth of oil Saudi Arabia will supply to Pakistan per year for 3 years