Pakistan

Cabinet approves oil purchase agreement on loan from Saudi Arabia

ISLAMABAD : The federal cabinet has approved an agreement to purchase oil on loan from Saudi Arabia.

According to sources, a circulation summary was sent to the federal cabinet by the economic division which was approved by the cabinet.

According to the text of the agreement, Saudi Arabia will lend Pakistan 100 100 million per month for oil and Pakistan will have to pay 3.8% margin along with the payment of oil. According to sources, the agreement is initially for one year which can be extended later. While the Ministry of Finance, SBP and FBR have agreed on the draft of the Pak-Saudi agreement.

Sources said that the promise to lend oil was made during Prime Minister Imran Khan’s visit to Saudi Arabia in which the Saudi Crown Prince had promised to lend oil to Pakistan for one year.

It may be recalled that after the recent visit of the Prime Minister to Saudi Arabia, Federal Minister for Information and Broadcasting Fawad Chaudhry had said that Saudi Arabia has announced a فن 3 billion support fund for Pakistan. Will rent

Fawad Chaudhry also said that Saudi Arabia would provide 1. 1.2 billion in financing for refined petroleum products within a year.

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