Saudi Arabia offers Pak $3 billion to ease balance of payments crisis
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'It was agreed Saudi Arabia will place a deposit of $3 Billion for a period of one year as balance of payment support,' Pakistan's foreign ministry said in a statement.
Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and allow it to defer payments for oil imports to help stave off a current accounts crisis, Pakistan's government said on Tuesday
The agreement came as new Pakistani Prime Minister Imran Khan attended a Saudi investment conference that has been boycotted by several other leaders over the death of a dissident Saudi writer at the country's consulate in Istanbul.
"It was agreed Saudi Arabia will place a deposit of $3 Billion for a period of one year as balance of payment support," Pakistan's foreign ministry said in a statement.
"It was also agreed that a one-year deferred payment facility for import of oil, up to $3 Billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter."