ISLAMABAD: Finance advisor, Shaukat Tareen, has said the financial support extended to Pakistan by Saudi government has nothing to do with the International Monetory Fund (IMF) . He was speaking to a group of journalists here on Wednesday. The Finance advisor also noted that Pakistan was about to seal its deal with IMF for one billion dollar funding. He said only one or two things were yet to be decided to get next tranch from IMF of $ 1 billion.
During prime minister, Imran Khan’s recent visit, Saudi Arabia had given Pakistan a financial package to help it over come its economic woes.
As a part of its support to Pakistan, Saudi Arabia had also agreed to provide Pakistan an oil facility worth $ 1.2 billion in next two years to ease pressure on its foreign currency reserves. Pakistan is under huge financial pressure due to rising import of oil bill . Pakistan’s oil import bill is likely to swell close to $ 20 billion, almost double than last years due to surge in oil prices in the international market in the current fiscal year.
Pakistan was looking for a facility of oil import from Saudi Arabia on deferred payment since long. In recently concluded visit of the prime minister to Saudi Arabia, Pakistan again requested to top Saudi leadership to provide Pakistan a facility of oil on deferred payment.
Saudi Arabia has deposited $ 3 billion with the State Bank of Pakistan to help Pakistan to plug in its current account deficit .
