Likely to seek $100m increase in oil deferred payment facility
\n ISLAMABAD
\nPrime Minister Shehbaz Sharif is paying a three-day visit to Saudi Arabia from Thursday on the invitation of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz.
\nThis would be the prime minister\u2019s first visit abroad after assuming the office earlier this month. The prime minister will be accompanied by a high-level delegation, including key members of the cabinet.
\nDuring the visit, the prime minister will have bilateral interaction with the Saudi leadership, with particular focus on advancing economic, trade and investment ties and creation of greater opportunities for the Pakistani workforce in Saudi Arabia. The two sides will also exchange views on a range of regional and international issues of mutual interest.
\nIn a statement, Foreign Office Spokesperson Asim Iftikhar said Pakistan and Saudi Arabia are bound by fraternal relationship marked by mutual trust and understanding, close cooperation, and an abiding tradition of supporting each other. The people of Pakistan hold the Custodian of the Two Holy Mosques in the highest esteem.
\nThe spokesperson said the prime minister\u2019s visit to Saudi Arabia will further reinforce the growing partnership between the two countries. He said the bilateral relationship is complemented by close mutual collaboration at regional and international fora. Prime Minister Sharif is expected to request Saudi Arabia to increase the volume of the oil deferred payment facility to ease the pressure on foreign exchange reserves amid record oil prices in the global market in the wake of Russia-Ukraine war, according to sources,
\nSaudi Arabia is already providing a deferred payment facility for oil imports worth $100 million to Pakistan. The government officials said that Premier Shehbaz would plead with the Saudi leadership to increase its volume from $100 to $200 million per month. It means that the current annual volume of Saudi oil facility on deferred payment was $1.2 billion and Pakistan wants to increase it to $2.4 billion annually to ease pressure on foreign exchange reserves that were depleting fast due to higher oil prices in the global market.
\nEarlier, Saudi Crown Prince Mohammed bin Salman spoke to the prime minister over the phone on April 16 to congratulate him and invited Sharif to visit the kingdom during their conversation.
\nPakistan has deep-rooted ties with Saudi Arabia, with nearly 2.5 million of its nationals living in the kingdom, contributing to the progress, prosperity and economic development of the two brotherly countries. TLTP<\/p>\n","protected":false},"excerpt":{"rendered":"
Likely to seek $100m increase in oil deferred payment facility ISLAMABAD Prime Minister Shehbaz Sharif is paying a three-day visit to Saudi Arabia from Thursday on the invitation of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz. This would be the prime minister\u2019s first visit abroad after assuming the office earlier this month. The prime […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-257742","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n