Pakistan Wants New $7 Billion Saudi Oil Deal
Pakistan has asked Saudi Arabia to consider a 15-year oil financing facility worth $6.7 billion as the government seeks to … Read More The post Pakistan Wants New $7 Billion Saudi Oil Deal appeared first on ProPakistani .
Pakistan has requested a new $6.7 billion, 15-year oil financing deal from Saudi Arabia to alleviate pressure on its foreign exchange reserves amid rising fuel import costs. Finance Minister Muhammad Aurangzeb raised the proposal on the sidelines of the World Bank and International Monetary Fund annual meetings in Thailand. The Saudi Fund for Development (SFD) has provided Pakistan with oil on deferred payments since 2019, but the most recent $1.2 billion annual facility expired in April.
Pakistan's petroleum import bill increased by 5.8 percent to $16.8 billion in fiscal year 2025-26, with crude oil import costs rising by 32 percent to $7.2 billion. The International Monetary Fund has not included the Saudi oil facility in its projected inflows for Pakistan for fiscal years 2026-27 and 2027-28. A longer-term agreement could help offset the impact of higher fuel import costs, according to government officials.
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