Pakistan bids to slash current account deficit via Saudi oil loan facility


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Fri, 2022-02-04 23:02

KARACHI: Pakistan and Saudi Arabia this week agreed to put a $1.2 billion Saudi oil facility into operation at the “earliest,” allowing Islamabad to defer payments for oil imports that economic experts hope will help stave off a current account crisis.

The $4.2 billion Saudi support package, which included a $1.2 billion oil loan facility, was agreed during Prime Minister Imran Khan’s visit to Riyadh in October last year. In December, Pakistan received the $3 billion loan but the oil loan facility is yet to be put into use.

Pakistan Power Minister Omar Ayub Khan speaks during a media briefing along with Information Minister Shibli Faraz (L) in Islamabad on January 10, 2021. (AFP)
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