to deal revived Saudi Arabia’s $3 billion support package for Pakistan in safe deposits and up to $1.5 billion on deferred payments on oil supplies on Saturday cleared its final hurdle as the prime minister and his cabinet held a pair of summaries in this regard. was approved.
A summary prepared by the Finance Department said that after the draft of the deposit agreement between the two countries, it was sent to the Prime Minister by the Law Ministry as well as the Office of the Attorney General of Pakistan.
Summary, a copy of which is available with don.com Noted that the prime minister, “given the urgency to address the current pressures on the exchange rate,” approved his appointment before the cabinet. The summary said the one-year agreement would have an annual profit rate of four percent.
A separate summary prepared by the Ministry of Economic Affairs pertains to the $100 million per month oil facility for one year, which could be extended for another year by mutual consent. It was noted that the terms of the financing included the purchase price by the Saudi Fund for Development (SFD) with a margin of 3.80 pc.
Economic Affairs Minister Umar Ayub Khan allowed the federal cabinet to submit the summary.
Later in the day, the cabinet approved both summaries, as confirmed Dawn News Information Minister Fawad Chaudhry.
The revival of both the deposit as well as the oil facility was agreed during the visit of Prime Minister Imran Khan to the state in October.
Chaudhry had said on Thursday that all legal issues in the transfer of the $3 billion deposit have been cleared and Pakistan will get the amount this week.