Saudi fund to finance $1b Pak oil derivatives

The Saudi Fund for Development (SFD) will finance Pakistan's oil derivatives worth $1 billion, the Economic Affairs Division said on Thursday.

The fund's chief executive, Sultan Abdulrahman Al-Marshad, signed an agreement pledging the financing with Economic Affairs Secretary Dr Kazem Niaz, the division said on Twitter.

SFD CEO Al-Marshed said the agreement emphasised the Kingdom of Saudi Arabia's commitment to continue supporting the brotherly Islamic Republic of Pakistan.

The agreement also reflected the interest of "our leaders in supporting the government of Pakistan to navigate economic challenges and build a sustainable economy", he added.

"I am pleased to convey to you the greetings and wishes of the government of Saudi Arabia for continuous progress, growth, and prosperity in Pakistan."