Saudi Arabia announces US$12b package for Pakistan: declaration
ISLAMABAD (92 News) – Saudi Arabia has announced a US$12 package for Pakistan in three years.
According to a press release issued on Tuesday, Prime Minister Imran Khan visited Saudi Arabia on the invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz to participate in the Future Investment Initiative (FII) Conference on October 22-23.
During the visit, the prime minister had detailed bilateral discussions with King Salman bin Abdul Aziz and Crown Prince Muhammad bin Salman.
The Crown Prince agreed to the prime minister’s suggestion to reduce visa fee for Pakistani workers, which is a significant step towards enhancing Pakistan’s workforce in Saudi Arabia, as well as facilitating travel of people from both countries. Far-reaching decisions on bilateral economic and financial cooperation were also agreed.
These included:
- A MoU was signed between the Finance Minister Asad Umar and the Saudi Finance Minister, Muhammad Abdullah Al-Jadaan. It was agreed that Saudi Arabia will place a deposit of US$3 billion 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 US$3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.
- The earlier visit of the Saudi delegation had evaluated the possibility of investing in a petroleum refinery in Pakistan. Saudi Arabia confirmed its interest in this project, and a MoUwill be signed after obtaining cabinet approval.
- Saudi Arabia expressed interest in development of mineral resources in Pakistan. For this purpose, the federal government and the Balochistan government will consult, following which a delegation of the Kingdom will be invited to visit Pakistan.