Pakistan

Approval of oil purchase agreement with Saudi Arabia on deferred payment


The federal cabinet approved the oil purchase agreement with Saudi Arabia on deferred payment. The federal cabinet approved the oil purchase agreement on loan from Saudi Arabia through a circulation summary. The circulation summary was sent to the Federal Cabinet by the Economic Division.

Under the agreement, Saudi Arabia will lend Pakistan 100 100 million a month. Under the agreement, Pakistan will have to pay a margin of 3.80% along with the payment of fuel.

The contract is initially for one year, which can be extended later. The Ministry of Finance, SBP and FBR had agreed on the draft of the Pak-Saudi agreement.

It may be recalled that the promise to provide fuel on deferred payment was made during the Prime Minister’s visit to Saudi Arabia. The Saudi Crown Prince promised to provide fuel to Pakistan on deferred payment for one year.



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