Pakistan, Saudi Arabia to ink $1bn oil sector agreement

[FOOLS_NIGHTMARE]

• Agreement expected to be signed in next few days.
• Agreement to be signed through SDF.
• SDF also directed to study augmenting KSA's investments.

ISLAMABAD: Pakistan and Saudi Arabia are expected to ink an agreement of over $1 billion in the oil sector, through the Saudi Development Fund, a Saudi news channel said on Wednesday.

“The coming days will witness the signing of an agreement between the Kingdom and Pakistan through the Saudi Development Fund (SDF), with an increase of one billion dollars for oil derivatives,” Nawaf Al-Maliki, Saudi Arabia’s ambassador to Pakistan was quoted as saying by the Saudi Al-Khabaria channel.

https://twitter.com/x/status/1612856078827675649

The Saudi Press Agency (SPA) earlier in a report mentioned that Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud has directed to study augmenting the Kingdom's investments in Pakistan, which have previously been announced on August 25, 2022, and were slated to reach $10 billion.

The SPA said the crown prince also directed the Saudi Development Fund (SDF) to study increasing the amount of the deposit provided by Saudi Arabia in favour of the State Bank of Pakistan (SBP). This has been extended on December 2, 2022, to hit a $5 billion ceiling, the agency said.

The Saudi official news agency said that the move strengthened the Kingdom’s position to support the economy of Pakistan and support its people.

The report pointed out that the move followed communication between the crown prince and Prime Minister Shehbaz Sharif.

Pakistan, Saudi Arabia to ink $1bn oil sector agreement

Agreement expected to be signed through Saudi Development Fund in next few days

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[AZ1]

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[FOOLS_NIGHTMARE]

Pakistan, Saudi Arabia ink agreement to finance $1bn oil derivatives​

Ministry of Economic Affairs Secretary Kazim Niaz (left) and Saudi Fund for Development CEO Sultan Abdulrahman Al-Marshad sign agreement to finance oil derivatives on January 12, 2023. — PID

• Agreement inked through Saudi Fund for Development.
• It is an extension of previously signed agreements in 2019 and 2021.
• Saudi Arabia is also planning to increase Pakistan's deposit to $5bn.

Pakistan and the Kingdom of Saudi Arabia inked an agreement on Thursday to finance oil derivatives worth $1 billion, Economic Affairs Ministry confirmed.
The development comes amid news reports that Saudi Arabia is augmenting plans to increase the amount of investment and deposit in cash-strapped Pakistan which is struggling with a worsening currency crisis.
According to an official statement, the agreement was inked by Economic Affairs Secretary Dr Kazem Niaz, and Saudi Fund for Development (SFD) Chief Executive Officer (CEO) Sultan bin Abdulrahman Al-Murshed.


Dr Niaz, speaking on the occasion, revealed that the pact was an extension of previously signed agreements in 2019 and 2021 valued at $4.44 billion to finance oil derivatives in Pakistan.
Since its establishment, he said, the SFD had supported more than 40 projects and programmes in different development sectors valued at approximately $1.4 billion.
‘All the programmes were aimed at helping the country achieve its sustainable development goals and build a prosperous future,” he added.
For his part, SFD CEO said that the agreement emphasised the Kingdom of Saudi Arabia’s commitment to continue supporting the brotherly Islamic Republic of Pakistan.

Saudi Arabia mulls increasing Pakistan deposit​

Islamabad's efforts to shore up the country's forex reserves with the help of Saudi Arabia — amid a worsening currency crisis — have started paying off as Riyadh is considering 'beefing up' its deposit in the State Bank of Pakistan (SBP) from $3 billion to $5 billion.
According to Saudi media, Crown Prince Mohammad Bin Salman earlier this week directed his financial officials to study increasing the Pakistan deposit by $2 billion.
The development came after the Saudi crown prince's meeting with Chief of Army Staff General Asim Munir, who was on his first overseas official visit to the kingdom.
Last month, the SFD extended its term for the $3 billion deposit in the SBP which was set to mature on December 5.
The SBP had signed an agreement with the SFD in November 2022 to receive $3 billion, to be placed in the central bank’s account with an aim to improve its foreign exchange reserves.

Pakistan, Saudi Arabia ink agreement to finance $1bn oil derivatives

Pact is an extension of previously signed agreements in 2019 and 2021 valued at $4.44 billion

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