Saudi Arabia is expected to extend a bailout package of about $ 15 billion to Pakistan.
It will help the country’s highly indebted energy sector by supplying crude and furnace oil on deferred payment to enable it to resolve the chronic circular debt issue, reported Pakistan’s Dawn newspaper.
The Kingdom has been taking reasonable interest in helping out the incoming Pakistan Muslim League-Nawaz government, a senior government official told the paper.
As soon as the PML-N emerged as the majority party after the May 11 elections, the Saudi ambassador in Islamabad sought a briefing on the country’s oil requirements from the Foreign Ministry before calling on prime minister-designate Nawaz Sharif.
He was immediately provided a position paper, the official said.
Pakistan expects about 100,000 barrels of crude oil and about 15,000 tons of furnace oil per day from Saudi Arabia on deferred payment for three years. The amount involved works out at about $ 12-15 billion.
$ 15 bn ‘KSA help’ to end Pak energy crisis
