Saudi Arabia pledges $8b package to Pakistan: report
Saudi Arabia has agreed to provide Islamabad a "sizeable package" of around $8 billion to help revive the country’s ailing economy amid the maiden trip of Prime Minister Shehbaz Sharif. The package includes doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities. "However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed. Prime Minister Shehbaz Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalise the modalities of the increased financial package. Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it. It was also agreed that the existing deposits of $3 billion would be rolled over for an extend...