ISLAMABAD: A Saudi news channel reported on Wednesday that Pakistan and Saudi Arabia are likely to sign an agreement worth more than $1 billion in the oil sector through the Saudi Development Fund.
The Saudi Al-Khabaria channel quoted Saudi Arabia’s ambassador to Pakistan, Nawaf Al-Maliki, as saying, “In the coming days will witness the signing of an agreement between the Kingdom and Pakistan through the Saudi Development Fund (SDF), with an increase of one billion dollars for oil derivatives.”
In a previous report, the Saudi Press Agency (SPA) mentioned that Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud has ordered an investigation into increasing the Kingdom’s investments in Pakistan, which were originally scheduled to reach $10 billion and were announced on August 25, 2022.
According to the SPA, the crown prince also gave the Saudi Development Fund (SDF) the directive to investigate increasing the amount of the Saudi Arabian deposit given to the State Bank of Pakistan (SBP). The agency stated that this has been extended until December 2, 2022, when the ceiling will reach $5 billion.
According to Saudi Arabia’s official news agency, the move strengthened the Kingdom’s position to support Pakistan’s economy and people.
The move was made in response to communication between the crown prince and Prime Minister Shehbaz Sharif, according to the report.
