Saudi Arabia decides to further extend period of $3 billion Safe Deposit for Pakistan till December 2023
ISLAMABAD ( Web News )
Saudi Arabia has decided to further extend the period of $3 billion Safe Deposit for Pakistan till December 2023.
In that connection, sources of the finance ministry clarified that an interest of 3% would also be paid on the safe deposit; however, the amount had to be returned instantly if Pakistan had no chance of getting defaulted. The period of the safe deposit is likely to be extended till December 2023. Besides, the money which has been kept as safe deposit could not be used.
State Minister for Finance and Revenue Ayesha Ghaus Pasha said that one-year extension agreement with Saudi Arabia would be finalized soon. The minister added that Saudi Arabia would also provide oil worth 100 million dollars a month. She further stated that oil worth $1 billion would be received from Saudi Arabia in 10 months on deferred payments and that Saudi Arabia and Pakistan enjoy brotherly relations.
It is worth mentioning here that Prime Minister Mian Muhammad Shehbaz Sharif had a telephonic conversation with Prince Mohammed bin Salman, Crown Prince, Deputy Prime Minister and Defence Minister of the Kingdom of Saudi Arabia on Monday, in which the two leaders reiterated their commitment to cooperation in different fields and issues of mutual interest between the two countries. The Saudi Crown Prince also congratulated Pakistani nation on the Independence Day while he accepted the Prime Minister Shehbaz Sharif’s invitation for a state visit to Pakistan.