Islamabad: Pakistan has presented eight key long-term economic cooperation requests to Saudi Arabia, including converting the existing $5 billion deposits into a 10-year long-term facility.
Pakistan has formally submitted eight requests to the Saudi government under long-term economic cooperation. These include:
- Converting the current short-term $5 billion deposits into a 10-year long-term facility,
- Increasing the deferred payment oil facility from $1.2 billion to $5 billion and extending its duration,
- Securitizing remittances from overseas Pakistanis worth $10 billion,
- And other related matters.
Senior government sources confirmed to The News that Pakistan’s economic difficulties are intensifying amid the ongoing geopolitical tensions, particularly due to the war against Iran led by the United States and Israel.
Meanwhile, Pakistan is engaged in talks with the International Monetary Fund (IMF) to complete the third review under the $7 billion Extended Fund Facility (EFF). Pakistan and Saudi Arabia have already been negotiating a comprehensive economic cooperation package.
