Pakistan Likely to Seek Additional $3.2 Billion from Saudi Arabia

Pakistan is likely to seek additional funds of $3.2 billion during Prime Minister Shehbaz Sharif’s 3-day visit to Saudi Arabia.

It is expected that the premier will request a $3.2 billion package on top of the existing $4.2 billion package, taking the total package to $7.4 billion.

According to Finance Ministry officials, the current $4.2 billion package includes $3 billion in cash deposits and a $1.2 billion financing agreement for the import of oil on deferred payments. Pakistan will ask Saudi Arabia to raise the existing cash deposit from $3 billion to $5 billion and double the oil facility from $1.2 billion to $2.4 billion.

Prime Minister Shehbaz Sharif will also request a rollover of the current package of $4.2 billion for a year. It is expected that the terms of the previous 2021 agreement might also be renegotiated.

This is Shehbaz Sharif’s first international trip as the Prime Minister of Pakistan. The premier, who is accompanied by a high-level delegation including key members of the cabinet, will also hold bilateral talks with the Saudi leadership.