Saudi Ambassador Nawaf Bin Said Al-Malki said that with the Royal Court’s approval and the signing of a Memorandum of Understanding (MoU) in a few days, Saudi Arabia will shortly release cash deposits to Pakistan under the guaranteed financial support.
“Insha’Allah, this will happen shortly. The Royal Court will agree, and the MoU for the payment, as well as the deferred oil payment [facility], will be inked in a few days “In an exclusive interview with APP, the Saudi envoy stated.
To address Pakistan’s balance-of-payments crisis, Saudi Arabia recently announced a $3 billion cash deposit with the State Bank. In addition, the monarchy promised a one-year deferred payment option for oil imports worth up to $1.2 billion.