Saudi Arabia and Pakistan governments have agreed on signing deals worth $1.61 billion to further cement their economic relationships.
Among the agreements is a concessional loan of $41 million for a Mansehra water infrastructure initiative.
Another important agreement lets Pakistan buy $1.20 billion worth of Saudi Arabian oil on credit over a year.
The deals are designed to boost economic interaction between the two nations.
On Monday, the Pakistan administration and the SFD agreed to complete the negotiation.
The Chief Executive Officer of SFD is Sultan Bin Abdul Rehman Al-Marshad, and the Head of Economic Policy Division is Dr. Kazim Niaz spoke for many different states.
Among the government officials were Deputy Prime Minister Ishaq Dar and the Saudi Ambassador Nawaf bin Said Al-Malki.
The event was attended by federal ministers as well as other high-ranking government officials.
Prime Minister Shehbaz Sharif thanked the import financing facility for oil, which was a significant development for the Pakistan economy.
With the treaty, the current budgetary pressures will be alleviated, and thus, Pakistan will be able to negotiate financial constraints.
Whereas, it will also ensure a consistent supply of petroleum products, therefore helping to stabilize the economy.
The $41 million designated for the Gravity Flow Water Supply Scheme in Mansehra will help to improve public health.
Additionally, clean drinking water will be supplied to 150,000 Mansehra people via this initiative.
At 2040, it will be expected to reach around 201,249 individuals in the area. This program tries to enhance long-term water availability and quality of life.
These agreements underline Saudi Arabia is assisting for the infrastructure and economic growth of Pakistan.
Moreover, he financial help indicates the close bilateral ties of the two nations. By means of these initiatives Pakistan aims to bolster its economy and better provide vital public services.
