Saudi Arabia defers to renew pact to supply oil to Pakistan on deferred payments
Saudi Arabia is yet to renew an agreement worth $3.2 billion with Pakistan that allows oil supplies on deferred payments after that pact expired two months back and decision about its renewal remains pending with Riyadh.According to media reports, the $3.2 billion Saudi oil facility was part of the $6.2-billion Saudi Arabian package announced in November 2018 to ease Pakistan’s external sector woes.“Pakistan has already prematurely returned $1 billion Saudi loan - four months ahead of its repayment period. Pakistan could also return $2 billion remaining Saudi cash loan, subject to availability of similar facility from China. The agreement over $3 billion cash support and $3.2 billion oil facility per annum had the provision of renewal for two more years…Saudi Arabia has not provided the oi...