Pakistan to get oil concessions, $3b from Saudi!

Imran Khan is waiting to take part in a discussion with a presenter during the opening ceremony of the Future Investment Initiative conference taking place in Riyadh on Tuesday.

Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and allow it to defer payments for oil imports to help stave off a current accounts crisis, Pakistan's government said on Tuesday

The agreement came as new Pakistani Prime Minister Imran Khan attended a Saudi investment conference that has been boycotted by several other leaders over the death of a dissident Saudi writer at the country's consulate in Istanbul.

"It was agreed Saudi Arabia will place a deposit of $3 Billion for a period of one year as balance of payment support," Pakistan's foreign ministry said in a statement.

"It was also agreed that a one year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter."