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Pakistan to start receiving deferred payment facility on Saudi oil from July 1

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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.