The Federal Government signed an agreement with the Saudi Fund for Development (SFD) on Monday to defer in a year a payment of $ 1.2 billion over oil imports.
State broadcaster Payment television He showed the signature ceremony among a fund delegation led by his CEO Sultan Bin Abdul Rehman to Marshad and Prime Minister Shehbaz Sharif.
The Prime Minister welcomed the signature of the oil import financing installation, said Prime Minister’s Office (PMO) in a statement. Pakistan will receive oil on deferred payment for a year, he said.
“This project will strengthen Pakistan’s economic resilience by ensuring a stable supply of oil derived products while reducing immediate fiscal charges,” said the PMO.
He said the fund would provide an amount of $ 41 million for a water supply scheme to help access drinking water for 150,000 people in Khyber Pakhtunkhwa.
The oil products of Saudi Arabia constitute a large part of the Pakistan import law. Saudi installation to defer payment can help Islamabad boost their foreign reserves before the first review of a rescue of $ 7 billion from the International Monetary Fund in March.
Finance Minister shares an economic update with SFD
The Minister of Finance, Muhammad Aurengzeb, also shared updates on the macroeconomic stability of Pakistan, highlighting improvements in the key economic indicators, in a meeting with the CEO of SFD.
The minister expressed his gratitude for the long -standing association between Pakistan and Saudi Arabia, emphasizing the importance of the continuous support of Saudi Arabia in financing and investment, which he had contributed significantly to Pakistan’s economic growth.
He recalled his recent meeting with the Minister of Saudi Finance Mohammed Bin Abdullah Al-Jadaan in Davos and the invitation of the latter to Pakistan to attend the first edition of a high-level annual conference at the end of this month on challenges and opportunities they face emerging market economies.
The Minister of Finance expressed his anticipation for the conference, pointing out the valuable ideas he expected to obtain from the event and the leadership of Saudi Arabia in the 2030 Vision implementation.
The SFD CEO praised the progress of Pakistan in terms of stability and macroeconomic growth, which he opened in numerous multipurpose investment opportunities in several sectors.
He particularly noticed the potential of greater collaboration between Pakistan and Saudi Arabia, inviting the investors of the kingdom to explore these emerging opportunities.
He recognized the valuable contributions of the Pakistani in the development of Saudi Arabia, recognizing them as the largest foreign workforce in the kingdom.
He expressed the need for Saudi Arabia of a qualified workforce to meet the demands of its growing market. To address this, he proposed an association with relevant government ministries and departments in Pakistan to offer training programs for Pakistani young people in modern and relevant skills sets to meet the demands of the labor market in Saudi Arabia.
The meeting stressed the strong ties between Pakistan and Saudi Arabia and prepared the stage for greater economic collaboration with an investment approach, the development of the workforce and the expansion of bilateral cooperation.
