Saudi Arabia Promises Pak An $8 Billion Package

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Saudi Arabia Has Agreed To Provide Pakistan With A "Substantial Package" Of Around $8 Billion To Revitalize The Country's Economy During Prime Minister Shehbaz Sharif's Maiden Trip To The Kingdom. Warehouses, Or Sukuks, And Renovations Of  Existing Facilities Valued At $4.2 Billion, According To A Report In The News. 

Sources Privy To The Development Reported. Sharif And His Official Entourage Have Left Saudi Arabia, But Finance Minister Miftah Ismail Is Still  There To Finalize The Modalities Of The Boosted Financial Package.Sharing The Key Features Of The Financial Package, The Official Said  Pakistan Had Proposed Doubling  The Oil Facility From $1.2 Billion To $2.4 Billion And Saudi Arabia Agreed. 

It Was Also Agreed That $3 Billion In Existing Deposits  Would Be Extended To June 2023 For An Extended Period. "Pakistan And Saudi Arabia Have Discussed An Additional Package Of More Than $2 Billion  Through Deposits Or Sukuk, And More Money Is Likely To Be Provided To Islamabad," Official Sources Said, Adding That The Size Of The Overall Package Will Be Determined When The Additional Money Is Ready.

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