Deferred payments facility on Saudi oil imports to start from this month
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Pakistan will start receiving the promised deferred payment facility on petroleum imports from Saudi Arabia from this month, a press statement issued by the Saudi embassy on Monday said.
According to Radio Pakistan, Pakistan will receive oil products worth $275 million every month for the next three years.
Last year, Riyadh had agreed to provide a bailout package worth $6bn to help resuscitate Pakistan's worsening economy.
Under the agreement, $3bn were to be provided in foreign currency to address Pakistan's balance of payments crisis. A deferred payment facility for the import of oil worth up to another $3 billion was also part of the package.
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On DawnNews
Comments (25) Closed
Jul 01, 2019 08:15pm
July is beginning with this happy news. Next to bring ng funds is IMF and the visit of UK Prince.
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Jul 01, 2019 08:20pm
You don’t have to pay if you give the highest civilian honour to the sheikh’s grandson.
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Jul 01, 2019 08:29pm
This will be very good for Pakistan.
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Jul 01, 2019 08:49pm
All such favors have some balancing returns not to be talked about.
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Jul 01, 2019 08:51pm
What is Pakistan promising in return?
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Jul 01, 2019 08:58pm
It means Pakistan have to pay 3 billion dollars next year ... Not a big deal
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Jul 01, 2019 09:06pm
What a joke.. After every 24 hours I am listening since 2000 economy is worsening and then IMF,SAUDIA,U.S,UAE etc. in this way govt. Complete its term and new govt. comes then again same saga... Every govt. Announce its last. IMF... package. And pak is going to be asian tiger. So on and so forth. Thanks to media for misguding public... Pak RIP.!!!
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Jul 01, 2019 09:15pm
This is deferred payment and need to be paid after a year on rolling period. Will help a little but just delaying the inevitable bankruptcy.
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Jul 01, 2019 09:19pm
good news coming every day. so petrol will be cheaper.
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Jul 01, 2019 09:46pm
It had already started in January this year.
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Jul 01, 2019 09:50pm
Not a word on Hongkong protests in Pakistani media.
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Jul 01, 2019 09:55pm
InshaAllah Relief and Relief and More Relief coming Pakistan's Way.
Long Live Pakistan!
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Jul 01, 2019 09:58pm
Waiting for the u-turn.
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Jul 01, 2019 10:01pm
@M. Saeed, .... That is the cynical view.
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Jul 01, 2019 10:03pm
@Just Saying, i dont know them, but since you do, go ask them. did you expect an answr here?
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Jul 02, 2019 01:20am
Let's hope IMF Board approve loan on its next board meeting. With this immeadiate threat to economy has been averted. After that focus should be on creating job opportunities. Efforts should be made to make close industrial units operational.Time has come to sell these close units and give.it to new management. Banks will also be happy as their loss provisions will be reversed and new management will definitely run these units and job opportunities will be created.
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Jul 02, 2019 01:44am
And pay double to increase our debts!!!!
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Jul 02, 2019 02:37am
@Just Saying, Oil will come from Saudi Arabia it will be refined at Gwadir and sent via a pipeline into China. Hence the 20 billion dollar project which will come to fruition in 3-4 years.
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Jul 02, 2019 03:02am
The next government will pay!
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Jul 02, 2019 03:40am
@Neshi, Are these news good, it is the beginning of disasters, how you will pay back
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Jul 02, 2019 07:06am
That's $10B in differed payment. + $3B already deposited. That's $13B from KSA in total.
current debt $90B+13(ksa)+12(uae)+60(ksa)+3(Qatar)+2(china)+60(cpec)+6(imf)+4(ADB)
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Jul 02, 2019 07:08am
In next three years payment of interest on 60 billions Chinese loan will begin , clubbed with that would be repayment of this defferred payment,club it it UAE SA,IMF, Asian bank and list goes on REPAYMENTS.
Now with production and exports falling due to energy crisis,I can imagine headache of government of the day and life of common citizen.
Lastly Indus water will go down by 15 % as India would have built link canals to divert her share of water which till then flows to Pakistan.Agriculture ?
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Jul 02, 2019 10:03am
@Azad J, it's pain killers. The virus is still there.
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Jul 02, 2019 11:30am
Good to keeping Foreign reserves afloat, have time to pay back.
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Jul 02, 2019 11:31am
Now the budget should bring in prosperity in economy
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