Saudi Arabia will soon disburse cash deposits to Pakistan under the pledged financial assistance after approval of the Royal Court and signing of a Memorandum of Understanding (MoU) in a few days, Saudi Ambassador Nawaf Bin Said Al-Malki said on Thursday.
“This will be soon Insha’Allah. There will be the agreement from the Royal Court and the MoU will be signed in a few days for the payment, and also for the deferred oil payment [facility],” the Saudi envoy said in an exclusive interview with APP.
Saudi Arabia had recently announced to provide Pakistan $3 billion as cash deposit with the State Bank to address its balance-of-payments crisis. Also, the kingdom had pledged a one-year deferred payment facility for the import of oil, worth up to another $1.2 billion.
Ambassador Al-Malki said the government of Saudi Arabia considered Pakistan as “a dear country” with a very deep and strong relationship. He said Saudi Arabia always stood with Pakistan and extended support to it on multiple occasions, adding that the relationship with Pakistan was regardless of any government in power.