Kuwait extends oil credit facility to Pakistan for two years
Business
Both sides agree to strengthen bilateral cooperation in the energy sector
ISLAMABAD (Dunya News) – Giving Pakistan a breather amid economic challenges, Kuwait has extended its oil credit facility to the country for two years, a significant increase from the usual one-year term.
The announcement followed a meeting between Federal Petroleum Minister Ali Pervaiz Malik and the Kuwait Ambassador in Islamabad.
Both sides agreed to strengthen bilateral cooperation in the energy sector.
Minister Malik thanked Kuwait for the special concession and said that Prime Minister Shehbaz Sharif’s economic reforms were beginning to bear fruit, largely due to the support of friendly countries.
The Kuwait Ambassador praised Pakistan’s economic progress.
Pakistan imports around 2 million tons of oil annually from Kuwait.
The extended credit facility will ease pressure on Pakistan’s foreign exchange reserves on Pakistan’s foreign exchange reserves and help keep the economy afloat.
