Lahore   -  PM’s Adviser on Finance Dr Abdul Hafeez Shaikh said on Wednesday that Saudi Arabia will begin extending deferred payment facility on petroleum products to Pakistan from the start of July. The facility will be worth $275 million per month and amount to $3.2 billion per year for a period of three years, the finance adviser said.

Dr Hafeez Shaikh in a tweet thanked Crown Prince Mohammed bin Salman of the Kingdom of Saudi Arabia (KSA) for his continuous support for the people of Pakistan.

He said the facility would help strengthen Pakistan’s balance of payments position as the country battles a current account crisis.

Retweeting the finance adviser’s post, Minister of State for Revenue Hammad Azhar welcomed the good news and said that it would greatly help Pakistan’s foreign exchange reserves as well.