Saudi Ambassador to Pakistan Nawaf Saeed Al-Malki on Wednesday said that Pakistan would have the first installment of Saudi aid amounting to $3 billion in the next few days to address its balance-of-payments crisis. The Kingdom of Saudi Arabia would release the amount of $3 billion in terms of the balance of payment, the envoy stated in a short interview with a private news channel.
Moreover, the envoy confirmed that the Saudi government would provide deferred payment facility for the import of oil, worth up to another $3 billion.
“The Saudi companies are keen to invest a huge amount of around $6-8 billion for establishing an oil refinery in Pakistan,” he added. Replying to a question, Nawaf Saeed said the kingdom would like to invest in the power sector of Pakistan, adding: “We were also seeking to set up a petrochemical industry near Karachi.”
Published in Daily Times, November 15th 2018.
