Saudi Arabia Set to Double Oil Facility for Pakistan to $2.4 Billion

Saudi Arabia has decided to double its oil facility for Pakistan from $1.2 billion to $2.4 billion, sources from the Ministry of Finance told ProPakistani.

Previously, Saudi Arabia was providing $100 million worth of petroleum goods to Pakistan on a monthly basis with an annual supply worth $1.2 billion. With the additional supply, the country’s total oil facility to Pakistan would increase from $1.2 billion to $2.4 billion.

In addition, sources revealed that China has rolled over an amount of $4.3 billion till now out of which $2.3 billion has been provided as commercial debt whereas the remaining $2 billion is 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.