<p>Islamabad: Pakistan government signed an agreement with the Saudi Fund for Development (SFD) to defer by one year a $1.2 billion payment on oil imports.</p>.<p><em>Radio Pakistan</em> reported that Pakistan and SDF on Monday signed two financing agreements worth over one billion dollar.</p>.<p>These agreements include "Deferred Payment for Oil Import from Saudi Arabia" worth $1.2 billion for one year and "Construction of Gravity Flow Water Supply Scheme" at Mansehra amounting to $41 million.</p>.<p>Secretary Economic Affairs Dr Kazim Niaz and Chief Executive Officer Saudi Fund for Development Sultan Abdulrahman Al-Marshad signed the agreements.</p>.Pakistan to send registered Afghan refugees back to their country.<p>Among others, Prime Minister Shehbaz Sharif and Saudi Ambassador Nawaf bin Said Al-Malki witnessed the signing ceremony.</p>.<p>Prime Minister Shehbaz welcomed the signing of the oil import financing facility, the Prime Minister’s Office (PMO) said in a statement, adding that Pakistan will receive the oil on deferred payment for one year, it said.</p>.<p>“This project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens,” the PMO said.</p>.<p>Petroleum products from Saudi Arabia make up a major chunk of Pakistan’s import bill.</p>.<p>The Saudi facility to defer the payment can help Islamabad boost its foreign reserves ahead of the first review of a $7 billion from the International Monetary Fund in March.</p>.<p>Pakistanis constitute one of the largest migrant communities in Saudi Arabia with an estimated 2.64 million working there as of 2023. While 97 per cent of them are blue-collar workers, there is a growing demand for skilled labour in the Kingdom as it seeks to modernise its economy under the Vision 2030 scheme.</p>
<p>Islamabad: Pakistan government signed an agreement with the Saudi Fund for Development (SFD) to defer by one year a $1.2 billion payment on oil imports.</p>.<p><em>Radio Pakistan</em> reported that Pakistan and SDF on Monday signed two financing agreements worth over one billion dollar.</p>.<p>These agreements include "Deferred Payment for Oil Import from Saudi Arabia" worth $1.2 billion for one year and "Construction of Gravity Flow Water Supply Scheme" at Mansehra amounting to $41 million.</p>.<p>Secretary Economic Affairs Dr Kazim Niaz and Chief Executive Officer Saudi Fund for Development Sultan Abdulrahman Al-Marshad signed the agreements.</p>.Pakistan to send registered Afghan refugees back to their country.<p>Among others, Prime Minister Shehbaz Sharif and Saudi Ambassador Nawaf bin Said Al-Malki witnessed the signing ceremony.</p>.<p>Prime Minister Shehbaz welcomed the signing of the oil import financing facility, the Prime Minister’s Office (PMO) said in a statement, adding that Pakistan will receive the oil on deferred payment for one year, it said.</p>.<p>“This project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens,” the PMO said.</p>.<p>Petroleum products from Saudi Arabia make up a major chunk of Pakistan’s import bill.</p>.<p>The Saudi facility to defer the payment can help Islamabad boost its foreign reserves ahead of the first review of a $7 billion from the International Monetary Fund in March.</p>.<p>Pakistanis constitute one of the largest migrant communities in Saudi Arabia with an estimated 2.64 million working there as of 2023. While 97 per cent of them are blue-collar workers, there is a growing demand for skilled labour in the Kingdom as it seeks to modernise its economy under the Vision 2030 scheme.</p>