Pakistan receives $100 million worth of oil each month on a deferred payment basis under the current Saudi oil facility.
We are working with the Saudis to increase the oil facility from $100 million to $300 million every month because oil prices have risen exponentially since the agreement was reached when they were low.
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) group, is helping Pakistan use another existing oil finance facility, according to Shah.
The last framework agreement for this facility was signed between our economic affairs division and ITFC on February 21, 2022, according to Shah, and the government of Pakistan has been using it for oil and liquefied natural gas (LNG) imports since 2017–18.
The official continued, “It is a total $4.5 billion facility for three years from 2022 to 2024, which equates to about $1.5 billion annually on a best effort basis.
