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15-01-23
Saudi Fund for Development inks agreement with Pakistan to fund USD1B oil derivatives
(MENAFN) The Saudi Fund for Development on Thursday declared that it had inked an agreement with Pakistan’s financial affairs ministry to fund oil derivatives reaching an amount of USD1 billion for the South Asian nation.
Pakistan has been dealing with a hard financial crisis after declining forex reserves and quickly decreasing national currency.
The nation’s credit ratings were declined by global agencies as worries mounted it might regular on its economic duties.
“Following directives from King Salman bin Abdulaziz Al Saud & [His Royal Highness] Mohammed bin Salman, #SFD CEO Mr. Sultan Al-Marshad, signed an agreement with Pakistan’s Secretary Ministry of Economic Affairs, Dr. Kazim Niaz, to finance oil derivatives worth USD1 Billion to #Pakistan,” the Saudi agency declared in a Twitter post.
“The agreement aims to support the economy of #Pakistan, enhance sector growth, navigate economic challenges, and build a sustainable economy,” the SFD went further on.
And continued: “It comes as a continuation of the support provided previously in 2019 by Saudi to finance oil derivatives with a total of USD 4.4 billion.”
MENAFN15012023000045014228ID1105429378
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