Saudi Arabia plans to increase its $2.4 billion oil facility for Pakistan
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According to ProPakistani, sources from the Ministry of Finance, Saudi Arabia has agreed to double its oil facility for Pakistan from $1.2 billion to $2.4 billion.
Previously, Saudi Arabia supplied Pakistan with petroleum products worth $100 million per month, or $1.2 billion annually. The country"s total oil facility to Pakistan would rise from $1.2 billion to $2.4 billion with the additional delivery.
Sources further disclosed that China has rolled over $4.3 billion to date, of which $2.3 billion has been given as commercial debt and the remaining $2 billion has been provided in the form of deposits.
Earlier, Pakistan"s Finance Minister Miftah Ismail said that the country has over $8 billion in pipelines to cover the $4 billion shortfall in external financing.
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