Pakistan seeks USD 5B long-term Saudi aid, expanded oil facility amid economic crisis

• Pakistan requests Saudi Arabia to convert USD 5 billion short-term deposits into a 10-year long-term facility.
• Seeks to increase deferred oil facility from USD 1.2 billion to USD 5 billion with an extended 3-year tenure.
• Proposes securitisation of USD 10 billion diaspora remittances to boost forex reserves and reduce borrowing.
• Requests Saudi guarantee for international Sukuk issuance and a concessional credit line for EXIM Bank of Pakistan.
• Also asks for waiving bank guarantee requirements, Public Investment Fund (PIF) investments, and IMF program target adjustments.