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Pakistan Asks Saudi Arabia for $1Bln Oil Facility Amid Economic Crisis: Report

© AP Photo / Muhammed MuheisenPakistan's Smog Crisis
Pakistan's Smog Crisis - Sputnik India, 1920, 25.10.2023
Pakistan has turned to the Saudi authorities for a favour, just days before they are due to hold talks with the IMF.
The Pakistani government has urged Saudi Arabia to provide a $1 billion oil facility on deferred payment for 2024, days ahead of review talks with the International Monetary Fund (IMF), Pakistani media reported on Wednesday.

"Pakistan has made a formal request for $1 billion Saudi Oil Facility (SOF) on a deferred payment basis with effect from January 2024," Geo News reported, citing The News publication.

The Kingdom of Saudi Arabia hasn't yet approved it and the exact modalities will be worked out in a few months, "including the associated costs and other conditions", the report added.
It may be noted that the SOF is part of the financing plan agreed by the Pakistani authorities with the IMF, the global lender. It was worked out as part of the $3 billion nine-month Stand-By Arrangement (SBA) for Pakistan as part of an economic stabilisation program.
Pakistan's Finance Ministry is preparing itself for the imminent talks with the IMF, which are expected to take place within the first 10 days of November.
The IMF’s review mission schedule is yet to be confirmed.

Pakistan Prepares for Review Meeting with IMF

On Thursday, the Finance Minister will convene a meeting of all ministries, departments and agencies. The aim of the meeting is to get an update on all structural benchmarks, indicative criteria and performance criteria agreed with the IMF for the end of September.
The finance ministry has warned the provinces to scale down their expenditures.

So far, Islamabad has received $300 million during July–September of the current fiscal year.
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