October 23, 2018 / 3:34 PM / a month ago

Pakistan says Saudis offer $3 bln, defers oil payments, to ease crisis

ISLAMABAD, Oct 23 (Reuters) - Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and allow it to defer payments for oil imports to help stave off a current accounts crisis, Pakistan’s government said on Tuesday

The agreement came as new Pakistani Prime Minister Imran Khan attended a Saudi investment conference that has been boycotted by several other leaders over the death of a dissident Saudi writer at the country’s consulate in Istanbul.

“It was agreed Saudi Arabia will place a deposit of USD 3 Billion for a period of one year as balance of payment support,” Pakistan’s foreign ministry said in a statement.

“It was also agreed that a one year deferred payment facility for import of oil, up to USD 3 Billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.” (Writing by Kay Johnson Editing by Robin Pomeroy)

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