Saudi Arabia Defers $1.2B Oil Payment By Pakistan

Pakistan has signed an agreement with the Saudi Fund for Development to defer a $1.2 billion payment on the country's oil imports by one year, the office of Pakistan's prime minister said on Monday. "This project will strengthen Pakistan's economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens," Prime Minister Shehbaz Sharif’s office said when welcoming the signing of the oil import financing facility. Pakistan has been experiencing an economic crisis since 2022, characterized by high…