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Setback for Pakistan as Saudi Arabia ends loan, oil supply

A decade long friendship between Pakistan and Saudi Arabia is seemingly coming to an ends with the latter stopping the loan and the oil supply. Pakistan was also made to pay back $1 billion to Saudi Arabia, which was part of a $6.2 billion inlays and an oil credit facility amounting to $3.2 billion. The deals were signed when Saudi Crown Prince Mohammad Bin Salman was on his Pakistan visit last year.

India TV News Desk India TV News Desk
Islamabad Published on: August 12, 2020 14:57 IST
Setback for Pakistan as Saudi Arabia ends loan, oil supply
Image Source : AP

Setback for Pakistan as Saudi Arabia ends loan, oil supply 

A decade long friendship between Pakistan and Saudi Arabia is seemingly coming to an ends with the latter stopping the loan and the oil supply. Pakistan was also made to pay back $1 billion to Saudi Arabia, which was part of a $6.2 billion inlays and an oil credit facility amounting to $3.2 billion. The deals were signed when Saudi Crown Prince Mohammad Bin Salman was on his Pakistan visit last year.

The development comes soon after Pakistan Foreign Minister Shah Mehmood Qureshi gave a blunt warning to Saudi Arabia-led Organisation of Islamic Cooperation (OIC) for lack of interest shown in the Kashmir issue.

Pak news channel ARY quoted Qureshi as saying, “If you cannot convene it, then i’ll be compelled to ask Prime Minister Imran Khan to call a meeting of the Islamic countries that are ready to stand with us on the issue of Kashmir and support the oppressed Kashmiris.”

Islamabad has been pushing for the foreign ministers’ meeting of the OIC since the abrogation of Article 370 last year, but has met little traction from the Islamic world.

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