Federal cabinet approves US$4.2bn loans with 4pc interest from KSA
The Finance Ministry Monday had said the federal cabinet approved a US$4.2 billion loan from the Kingdom of Saudi Arabia (KSA), reported 24NewsHD TV on Monday.
The finance ministry said, the loan is taken at a 4 per cent interest rate and under the agreement, the lending country will have the power to withdraw the money.
The ministry said that the Ministry of Finance, State Bank of Pakistan and Federal Board of Revenue had agreed on the draft of the Pak-Saudi agreement.
The Saudi Crown Prince had promised to lend oil to Pakistan for a year. The contract is initially for one year, which could be extended later.