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Pakistan & Saudi Development Fund Ink $1.61 Billion Agreements
Pakistan and Saudi Fund for Development sign $1.61 billion deals, including $1.2 billion for deferred oil imports and $41 million for Mansehra water supply. Strengthening economic ties!
ND
by News Desk
2025-02-03
Pakistan & Saudi Development Fund Ink $1.61 Billion Agreements

Pakistan and the Saudi Fund for Development (SFD) signed agreements worth $1.61 billion during a high-profile ceremony attended by Prime Minister Shahbaz Sharif, Finance Minister Muhammad Aurangzeb, and the Saudi ambassador.

Key Agreements

The memorandums of understanding (MoUs) cover vital sectors of cooperation, including energy and infrastructure development.

1. Oil Import Facilitation:

  • A $1.2 billion oil import agreement will allow Pakistan to import petroleum products on deferred payment for one year, easing the country's fiscal pressure.

2. Concessional Loan for Water Supply Scheme:

  • The SFD will provide a $41 million concessional loan for a water supply scheme in Mansehra, aimed at improving access to clean water in the region.

Strengthening Economic Cooperation

The agreements underscore Saudi Arabia's continued support for Pakistan during challenging economic times. Prime Minister Shahbaz Sharif expressed gratitude for Saudi Arabia's commitment to fostering development projects in Pakistan.

Finance Minister Muhammad Aurangzeb highlighted the deferred oil payment arrangement as a vital step to alleviate Pakistan's financial burdens amid rising global energy prices.

Enhancing Regional Partnerships

This development reflects the deepening ties between Pakistan and Saudi Arabia, with both nations focusing on long-term strategic partnerships across various sectors, including infrastructure and energy.
Tagged:

Pakistan

SaudiArabia

Development

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