Saudi Arabia Set to Double Oil Facility for Pakistan, from $1.2 billion to $2.4 billion
According to sources in the Ministry of Finance, Saudi Arabia has decided to double the amount of oil it provides to 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 provided as commercial debt and the remaining $2 billion has been provided in the form of deposits.
Earlier, Finance Minister Miftah Ismail said that Pakistan has over $8 billion in the pipelines to finance the external financing gap of $4 billion.
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