Prime Minister Shehbaz Sharif thanked Saudi Crown Prince Mohammed bin Salman for helping Pakistan by providing $1.2 billion worth of oil on deferred payments. This means Pakistan can receive the oil now and pay for it later, easing financial pressure on the country.
During a cabinet meeting, the Prime Minister shared that a Saudi delegation signed an agreement to ensure the oil supply and provide additional financial support. As part of this assistance, the Saudi Development Fund will also give Pakistan a $40 million loan to improve the water supply in Mansehra.
PM Shehbaz called Saudi Arabia a “brotherly country” and said this support would strengthen Pakistan’s foreign exchange reserves, helping to stabilize the economy. He appreciated Saudi Arabia’s continuous support and friendship.
Additionally, Pakistan and the Saudi Fund for Development (SFD) signed agreements worth $1.61 billion. These include the deferred oil payment plan and a concessional loan for water infrastructure projects. A concessional loan means Pakistan will receive funding with lower interest rates, making it easier to repay.
This financial assistance from Saudi Arabia will help Pakistan manage its economic challenges and invest in important development projects. The support is expected to improve energy availability, strengthen the economy, and enhance essential infrastructure like water supply systems.
The Prime Minister’s announcement highlights the strong relationship between Pakistan and Saudi Arabia, with both countries working together for economic stability and development. The agreements reflect Saudi Arabia’s commitment to supporting Pakistan in difficult times.
