ISLAMABAD: Pakistan and Saudi Arabia are expected to ink an agreement of over $ 1 billion in oil sector, through Saudi Development Fund, a Saudi news channel said.

"Coming days will witness signing of an agreement between Kingdom and Pakistan through Saudi Development Fund (SDF), with an increase of one billion dollars for oil derivatives," Nawaf Al-Maliki, Saudi Arabia's Ambassador to Pakistan was quoted as saying by Saudi Al-Khabaria channel.

SPA said the crown prince also directed Saudi Development Fund (SDF) to study increasing amount of deposit provided by Saudi Arabia in favour of State Bank of Pakistan (SBP). This has been extended on December 2, 2022, to hit $ 5 billion ceiling, agency said. Saudi official news agency said that move strengthened Kingdom's position to support economy of Pakistan and support its people.  Report pointed out that move followed communication between crown prince and Prime Minister Shehbaz Sharif.

Published in The Daily National Courier, January, 12 2023

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