ISLAMABAD: Kuwait has officially extended its oil credit facility to Pakistan for another two years, providing essential support to the country’s energy sector and economic reforms.
The announcement came during a meeting held on Wednesday in Islamabad between Petroleum Minister Ali Pervaiz Malik and Kuwaiti Ambassador Nassar Abdulrahman J Almutairi, as reported by The News.
Minister Malik warmly welcomed the decision and expressed sincere thanks for Kuwait’s continuous assistance. He emphasized that help from Kuwait and other friendly nations has been crucial for Pakistan’s ongoing economic reforms.
During the meeting, Ambassador Almutairi confirmed that Kuwait Petroleum Corporation has renewed the Kuwait Oil Credit Facility. The support will continue to benefit Pakistan State Oil (PSO) by allowing oil imports on deferred payment terms.
This arrangement under the Kuwait Oil Credit Facility will ease immediate financial burdens and support Pakistan’s struggling economy.
Previously, the credit facility was extended on a yearly basis. Now, with a two-year extension, it marks a significant strengthening of the energy relationship between the two nations.
Pakistan annually imports about two million tons of oil from Kuwait, making the Gulf nation a key energy partner.
The extension of the Kuwait Oil Credit Facility is seen as a major relief for Pakistan. It provides breathing space to manage energy imports while focusing on broader economic improvements.
Pakistan’s reliance on the Kuwait Oil Credit Facility shows the strategic importance of international partnerships in securing vital resources.
The fresh extension highlights Kuwait’s strong commitment to helping Pakistan meet its energy demands and achieve stability through tough economic reforms.
