Saudi Ambassador to Pakistan, Nawaf Bin Said Al-Malki, has assured Pakistan that Saudi Arabia will soon disburse its pledged financial assistance to Pakistan.
“This will be soon, InshaAllah. There will be the agreement from the Royal Court and the MoU will be signed in a few days for the payment, and also for the deferred oil payment [financing],” said the Saudi envoy.
Saudi Arabia has pledged a $3 billion cash deposit to the State Bank of Pakistan to ease the balance of payment pressure on Pakistan’s economy. Further, the financial assistance provides $1.2 billion for oil imports on deferred payment, helping Pakistan deal with the rising POL prices in the global market.
The Saudi ambassador highlighted the cordial relationship between the two countries. PM Imran Khan has paid six visits to the Kingdom in his three years of government, reflecting the high level of commitment between the two countries, explained the ambassador.
“Our connection is with the Pakistani flag and we consider it our brotherly country. Pakistan has a very bright future,” the ambassador added.
It is worth mentioning that when the $4.2 billion Saudi financial aid was announced around two weeks ago, the Pakistani rupee gained Rs. 2.5 against the US dollar in a single day.
Since then, the rupee has started declining due to the deadlock in negotiations with IMF and the apparent delay in Saudi aid to materialize.