The federal government on Monday signed an agreement with the Saudi Fund for Development (SFD) to defer by one year a $1.2 billion payment on oil imports.

State broadcaster PTV showed the signing ceremony between a delegation of the fund led by its CEO Sultan Bin Abdul Rehman Al Marshad and Prime Minister Shehbaz Sharif.

The premier welcomed the signing of the oil import financing facility, the Prime Minister’s Office (PMO) said in a statement. Pakistan will receive the oil on deferred payment for one year, it said.

“This project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens,” the PMO said.

It said the fund........

© Dawn Business