Saudi support speaks of brotherly relations: finance ministry

DailyTimes  |  Nov 29, 2021

Finance Ministry said on Sunday that the cash deposit and oil on deferred payment facility in these tough times speak of the strong brotherly relationship between Pakistan and Saudi Arabia. Referring to a news item titled “Cabinet approves $4.2b Saudi loan package” published in a section of the press, the ministry said in a statement that the interest rate for cash deposits would be 4 percent whereas that of the oil facility would be 3.8 percent. Since the above is a demand deposit, the right to call deposits is with the depositor, the ministry said adding every deposit usually has this clause. Lastly, it added, in every Memorandum of Understanding (MoU) there is a dispute resolution clause, which refers to the territorial laws applicable. This does not mean that the stated country’s sovereignty is compromised. “We are grateful to the Kingdom of Saudi Arabia for helping us once again in our hour of need,” it concluded.

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