Pakistan has made eight requests to Saudi Arabia under long-term economic cooperation, including conversion of short-term existing deposits of $5 billion into a long-term facility of 10 years, enhancing oil facility on deferred payment from $1.2 billion to $5 billion with increased tenure, securitisation of Pakistani diaspora’s remittances of $10 billion and others.
Top official sources confirmed to media that Pakistan’s economic woes were multiplying in the aftermath of ongoing geopolitical tension amid the ongoing US-Israel-led war against Iran. On the other hand, Pakistan is negotiating with the IMF for completion of the third review under the $7 billion Extended Fund Facility (EFF).
Pakistan and the KSA were already negotiating a comprehensive economic cooperation package, and the recent escalation has given impetus to the ongoing parleys, whereby at the highest level, Pakistan asked for the required support to tackle the arising challenges.
