The caretaker government has been facing a tough situation in arranging dollar loans for the import of petroleum products, as $3.3 billion syndicate financing from the Islamic Development Bank (IsDB) might be available at over 10 percent interest rate. All this has been happening amid increasing POL prices in the international market. Amid scarcity of dollars, the government will need to request the Kingdom of Saudi Arabia (KSA) for the continuation of deferred oil payment facility after the maturity of the existing agreement in December 2023. The KSA has so far disbursed $600 million from March to August 2023 and another $400 million was expected till the end of the year. Pakistani oil giants purchase crude oil worth $100 million on a monthly basis and then dispatch the bill to the Saudi authorities which, in return, transfer funds to the Government of Pakistan. (The News)
https://www.thenews.com.pk/print/1109586-dollar-crunch-ties-govt-hands-over-syndicated-financing
14/9/2023