Prime Minister Muhammad Shahbaz Sharif will start his official visit to Riyadh today at the invitation of the Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman.
Shehbaz Sharif will stay in Riyadh and meet with the Crown Prince. The two leaders will discuss strengthening the multi-faceted cooperation between the two countries in the economic sector and further improving the long-standing relations. The Prime Minister will also participate in the Saudi Future Investment Initiative Summit.
Last month, the Saudi Fund for Development (SFD) confirmed the rollover of a $3 billion deposit, placed with the State Bank of Pakistan (SBP) as part of its foreign exchange reserves for one year, maturing on December 5, 2022.Â
Moreover, the SFD and Pakistan’s Economic Affairs Division (EAD) also have a financing agreement in place since November 29, 2021. Under this facility, the Pak-Arab Refinery Limited (PARCO) and the National Refinery Limited (NRL) import petroleum products up to $100 million per month from Saudi Arabia.
The SFD has extended the financing facility for up to $100 million per month for one year to facilitate the purchase of petroleum products on a deferred payment basis.
From March to August, Saudi Arabia provided petroleum products worth $600 million to Pakistan. It also provided petroleum products worth $100 million each during March, April, May, June, and July 2022.
