ISLAMABAD, May 23 (Xinhua) -- Pakistan said Saudi Arabia will activate the deferred payment for petroleum products facility of 275 million U.S. dollars per month from July 1 amounting to 3.2 billion U.S. dollars per year for three years.
Pakistani Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh said on Twitter Wednesday that the decision will strengthen Pakistan's balance of payments position. He thanked the Crown Prince of Saudi Arabia Muhammad Bin Salman for his continuous support for the people of Pakistan.
Pakistan and Saudi Arabia inked an agreement to make oil facility on deferred payment up to 3 billion U.S. dollars during the Saudi Crown Prince's visit to Pakistan.
Economic experts are of the view that the oil facility would help Pakistan reduce the burden on import bill.