ISLAMABAD: Prime Ministers Adviser on Finance Hafeez Sheikh on Wednesday said that the Kingdom of Saudi Arabia (KSA) will extend a $3.2 billion deferred payment facility with Pakistan for petroleum products from the start of July.

Hafeez Sheikh took to Twitter and informed the nation about this relieving news.

He wrote on his timeline, “Would like to thank the Crown Prince of Saudi Arabia, His Highness Muhammad Bin Salman for his continuous support for the people of Pakistan.”

“From 1st July 2019 KSA is activating the deferred payment for petroleum products facility of US$ 275mn per month amounting to US$3.2 Billion per year for 3 years,” he added.

“This will strengthen Pakistan’s Balance of Payments position,” he concluded.