ISLAMABAD: During Prime Minister Shehbaz Sharif's first visit to Saudi Arabia, the kingdom pledged to offer Pakistan with a "significant package" worth around USD8 billion to assist resuscitate the country's struggling economy.
According to a source published in The News, the package comprises tripling the oil finance facility, additional fun d in the form of deposits or Sukuks, and a rollover of the existing USD4.2 billion facilities.
"Technical details are being worked out, and it will take a couple of weeks to get all documents completed and signed," top government sources aware of the development said. Sharif and his entourage have left Saudi Arabia, but Finance Minister Miftah Ismail has remained to finalise the details of the additional cash offer.
The official stated the key components of the financial deal, saying that Pakistan suggested tripling the oil facility from USD1.2 billion to USD2.4 billion, which Saudi Arabia agreed to. It was also agreed that the USD3 billion in existing deposits would be carried over for another year, until June 2023.
"Pakistan and Saudi Arabia discussed an additional package of over USD2 billion in deposits or Sukuk, and it is likely that even more money would be handed to Islamabad," government sources said, adding that the entire package's size would be decided once the additional money was finalised.
Pakistan Interior Minister Sanaullah vows to arrest Imran Khan
Pakistan wants to quadruple its hydroelectric share By 2028-29
