Saudi Arabia provides $1bln to finance Pakistan's oil derivatives

Saudi Arabia provides $1bln to finance Pakistan's oil derivatives
Saudi Arabia provides $1bln to finance Pakistan's oil derivatives

Saudi Arabia will finance the purchase of oil derivatives worth $1 billion to support Pakistan's economy, sector growth, and navigating economic challenges. An agreement in this respect was signed in Islamabad on Thursday between the Saudi Fund for Development (SFD) and the Economic Affairs Division of Pakistan.

Chief Executive Officer of SFD Sultan Al-Marshad and Secretary of Pakistan's Ministry of Economic Affairs Dr Kazim Niaz signed the agreement. The strategic agreement comes as a continuation of the support provided by Saudi Arabia to Pakistan to build a sustainable economy.

Saudi Press Agency (SPA) said that the agreement comes as an extension of the $4.44 billion support provided previously in 2019 and 2021, to finance oil derivatives, through the Saudi Fund for Development with the Pakistani Ministry of Economy, after the issuance of generous directives that reflect the continuation of the close relationship between the two countries. The Saudi Fund for Development has implemented for Pakistan more than 40 projects and development programs in various development sectors, with a total amount of approximately $1.4 billion.

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