Sunday, July 21, 2024

Saudi Arabia to Lend Oil Worth $1 Billion to Pakistan

The Economic Affairs Ministry reported that Pakistan and the Kingdom of Saudi Arabia signed a contract on Thursday to finance oil derivatives worth $1 billion.

The news reports that Saudi Arabia is stepping up its intentions to expand investment and deposits in cash-strapped Pakistan, which is dealing with a deteriorating currency crisis, coinciding with the development.

The agreement was signed by Sultan bin Abdulrahman Al-Murshed, CEO of the Saudi Fund for Development (SFD), and Economic Affairs Secretary Dr. Kazem Niaz, according to an official release.

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