Pakistan, Saudi Arabia ink over $1bn oil sector settlement

Ministry of Financial Affairs Secretary Kazim Niaz (left) and Saudi Fund for Growth CEO Sultan Abdulrahman Al-Marshad shake arms after signing the settlement. — Twitter/@eadgop

ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed an settlement price greater than $1 billion within the oil sector, by the Saudi Growth Fund (SDF).

A day earlier, the dominion’s ambassador to Pakistan Nawaf Al-Maliki was quoted as saying by a Saudi information channel: “The approaching days will witness the signing of an settlement between the Kingdom and Pakistan by the Saudi Growth Fund (SDF), with a rise of 1 billion {dollars} for oil derivatives.”

Taking to Twitter, the Financial Affairs Division confirmed that an settlement price $1 billion has been sighed with SFD to finance oil derivatives.

Dr Niaz, talking on the event, revealed that the pact was an extension of beforehand signed agreements in 2019 and 2021 valued at $4.44 billion to finance oil derivatives in Pakistan.

Since its institution, he stated, the SFD had supported greater than 40 tasks and programmes in several growth sectors valued at roughly $1.4 billion.

‘All of the programmes had been aimed toward serving to the nation obtain its sustainable growth objectives and construct a affluent future,” he added.

For his half, SFD CEO stated that the settlement emphasised the Kingdom of Saudi Arabia’s dedication to proceed supporting the brotherly Islamic Republic of Pakistan.

Saudi Arabia plans to take a position extra in Pakistan

Earlier this week, Saudi crown prince directed the authorities to check augmenting the nation’s investments in Pakistan to achieve $10 billion, giving a significant enhance to Pakistan’s efforts to stabilise its deteriorating economic system.

As per a report printed by the Saudi Press Company, the Saudi crown prince additionally directed SFD to contemplate growing the quantity of deposits by $2 billion to achieve $5 billion, confirming the Kingdom’s place supportive of Pakistan’s economic system and its folks amid the worsening forex disaster.

Final month, the Saudi fund prolonged its time period for the $3 billion deposit within the State Financial institution of Pakistan (SBP) which was set to mature on December 5.

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