Pakistan’s Imports Under Saudi Oil Facility Hit $200 Million in First 2 Months of FY24

Pakistan imported petroleum products worth $200 million on a deferred payment basis under the Saudi oil facility during the first two months of the current fiscal year 2023-24 against the budgeted estimates of $600 million. Official documents revealed that the country imported petroleum products worth $100 million on a deferred payment basis under the Saudi oil facility in August 2023. Saudi Arabia also provided petroleum products worth $100 million in July 2023. Pakistan imported petroleum products worth $1.182 billion on a deferred payment basis under the Saudi oil facility during the fiscal year 2022-23 (FY23) against the budgeted estimates of $800 million. The financing agreement worth $1.2 billion for the import of petroleum products was signed in November 2021 between the Saudi Fund for Development (SFD) and Pakistan’s Economic Affairs Division (EAD). Saudi Arabia extended the deferred payment for another year in March this year. It is expected that Pakistan will avail the extended facility till February 2024.