Punjab Chief Minister Sardar Usman Buzdar on Thursday expressed gratitude to the Kingdom of Saudi Arabia for supplying oil to Pakistan on deferred payments.

The oil facility promised to the Government of Pakistan in October last year for supply of crude oil and allied products on deferred payments will start from July 1, which will help ease growing pressure on the exchange rate.

The chief minister in a statement said supply of oil on credit is a breath of fresh air for the country’s floundering economy. He added it will clear the clouds of uncertainty surrounding the economy.

He said the rupee will stabilise with the help of the oil facility extended by the kingdom and economic distress created by previous governments’ plunder of national resources will also ease up.

Earlier, Prime Minister’s Advisor on Finance Dr Abdul Hafeez Shaikh had said that Saudi Arabia will supply oil worth $3.2 billion to Pakistan on deferred payments for three years.

Dr Abdul Hafeez Shaikh said that oil supply from Saudi Arabia on deferred payments will start from July and added that the Kingdom would supply $275 million  oil to Islamabad on monthly basis from next month.

The advisor further said, “Oil supply from Saudi Arabia will improve balance of payments.” He thanked Saudi Crown Prince Mohammed bin Salman for his continuous support to Pakistan.