Saudia Arabia Agrees for $1.5 Billion Annual Oil Aid to Pakistan
As part of Riyadh’s efforts to challenge Iran’s regional influence, Saudi Arabia has agreed to resume oil subsidies to Pakistan worth at least $1.5 billion yearly beginning in July, according to authorities in Islamabad.
According to a Financial Times story, the animosity between the two longtime friends has subsided since Prime Minister Imran Khan met Saudi Crown Prince Mohammed bin Salman in May.
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Special Assistant to the Prime Minister (SAPM) on Revenue and Finance Dr. Waqar Masood Khan stated at a joint news conference with Energy Minister Hammad Azhar that an announcement had been made for $1.5bn per year in deferred payment oil deliveries from Saudi Arabia.
However, he failed to elaborate on the specifics of the oil facility and the reasons for its reduction from the $3 billion originally agreed upon almost three years ago, which could not be implemented efficiently due to deteriorating bilateral ties.
In June, Pakistan’s foreign reserves were greater than $16 billion, compared to roughly $7 billion in 2019 when it began its $6 billion IMF programme.
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The timing of the Saudi gesture was “interesting,” according to Robin Mills of the consultancy Qamar Energy, given that Iran was ready to increase oil exports and the United States was considering lifting sanctions.
The author of books on Afghanistan, Ahmed Rashid, noted that Pakistan was trapped between China and the United States, which have invested billions of dollars in infrastructure projects.
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