Pakistan, Saudi Arabia sign agreement to extend oil facility

ISLAMABAD: Saudi Arabia has signed an agreement to extend oil facility of 100 million dollars per month for one year to Pakistan on deferred payment.

The agreement was signed in Islamabad this evening in the presence of Minister for Economic Affairs Omar Ayub Khan and Chief Executive Officer of Saudi Fund for Development Sultan Bin Abdul Rahim Al-Marshad.

As per agreement, SFD will provide financing facility to Pakistan on import of crude oil and petroleum products which will be extended for another year.

The CEO SFD, on the occasion, said that his country holds its relations with Paksitan in high esteem and assured to extend full support their for implementation of development projects in Pakistan.

Later talking to Radio Pakistan’s representative Ijaz Hussain, Minister for Economic Affairs Omar Ayub Khan said that this agreement is a reflection of exemplary friendship between Pakistan and Saudi Arabia.

He said that Saudi Arabia will deposit 3 billion dollars in cash in the State Bank of Pakistan which will help bring stability to the value of rupee and controlling inflation.

The Minister said that Pakistan greatly values the bilateral and brothterly relations with Saudi Arabia. He thanked the Saudi Government for supporting Pakistan in every critical hour.

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