Saudi Arabia to provide Pakistan $3billion as balance of payment support

RIYADA: Saudi Arabia on Tuesday agreed to provide Pakistan $3billion for a period of one year as balance of payment support, ARY News reported.

According to a statement released from foreign office, a Memorandum of Understanding was signed between Finance Minister Asad Umar and the Saudi Finance Minister Muhammad Abdullah Al-Jadaan stating Saudi Arabia will place a deposit of$3billion for a period of one year as balance of payment support.

It was also agreed that a one year deferred payment facility for import of oil, up to $3billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.

Saudi Arabia also confirmed that it is interested in investing in a petroleum refinery in Pakistan. The  MoU in this regard will be signed after obtaining cabinet approval.

The Kingdom expressed interest in development of mineral resources in Pakistan. For the purpose, the federal government and the government of Balochistan will consult, following which a delegation of the kingdom will be invited to visit Pakistan.

Earlier in the day, after the inauguration of the FII Conference, a Pakistan-specific session was organized, in which Prime Minister Imran Khan underlined Pakistan’s priorities towards optimizing the economy and attracting foreign investment.

Stressing the focus of his government on human resource development, he highlighted the potential of Pakistan’s youth, identified lucrative investment opportunities in the tourism sector, minerals, coal and gas exploration, and Information Technology.

He mentioned the successes of Pakistan in the fight against terrorism, which has brought peace and stability to the country and elaborated the significance of China Pakistan Economic Corridor (CPEC), including the investment opportunities in the Special Economic Zones.

The PM also took several questions from the audience comprising hundreds of business entrepreneurs.

PM Imran Khan arrived in Madina on October 22, where he was received by Governor, Prince Faisal bin Salman. After Ziarat-e-Khas at Masjid -e- Nabwi (S.A.W), the PM proceeded to Riyadh. Where he was received by Prince Faisal bin Bandar bin Abdul Aziz, Governor of Riyadh.

Prime Minister Imran Khan is accompanied by the Minister for Foreign Affairs, Makhdoom Shah Mehmood Qureshi, Minister for Finance, Mr. Asad Umar, Minister for Information, Mr. Fawad Ahmed, and Advisor to the Prime Minister on Commerce, Mr. Abdul Razaq Dawood, and Chairman BOI Mr. Haroon Sharif.