Pakistan secures $8bn package from Saudi Arabia

Pakistan has secured a "sizeable package" of around $8 billion from Saudi Arabia, including doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities during the visit of Prime Minister Shehbaz Sharif.

"However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed," top official sources privy to the development informed The News on Saturday.

Prime Minister Shehbaz Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalize the modalities of the increased financial package.

Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling the oil facility from $1.2 billion to $2.4 billion and the Kingdom of Saudi Arabia agreed to it. It was also agreed that the existing deposits of $3 billion would be rolled over for an extended period up to June 2023. 

"Pakistan and KSA discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," said official sources, adding that the size of the total package would be determined when additional money was finalized.

ZZ/PR