KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Tuesday requested expedited disbursements under the Saudi Oil Facility in a meeting with Sultan bin Abdulrahman Al-Murshid, the top official at the Saudi Fund for Development (SFD), on the sidelines of the IMF-World Bank Spring Meetings in Washington.
The facility, agreed earlier this year, enables Pakistan to defer up to $1.2 billion in oil import payments, offering critical support to its foreign reserves amid a fragile economic recovery.
The SFD, a state-owned Saudi institution, provides concessional loans and grants to developing countries and has been a long-time financier of infrastructure and energy projects in Pakistan.
“The Minister requested expedited disbursements under the Saudi Oil Facility and assured the provision of evidence of oil shipments,” the finance ministry said in a statement issued Wednesday.
Aurangzeb noted that Pakistan’s macroeconomic outlook had improved, pointing to Moody’s recent upgrade of the country’s credit rating to B- with a stable outlook.
Pakistan and Saudi Arabia signed 27 memorandums of understanding (MoUs) worth $2.2 billion in early October 2024 during the Saudi investment minister’s visit to Islamabad.
The number and value of these deals increased later that month during Prime Minister Shehbaz Sharif’s visit to Riyadh, reaching 34 MoUs with a total projected investment of $2.8 billion.
By December, seven of these had been converted into agreements valued at $560 million, with several already under implementation at both the government-to-government (G2G) and business-to-business (B2B) levels.
During his meeting with the top SFD official, the Pakistani finance chief recalled his participation in the Al-Ula Conference on Emerging Markets held in Saudi Arabia in February, where he met with senior Saudi officials, including the kingdom’s finance minister, to expand economic cooperation.
During their conversation, Aurangzeb reviewed the SFD’s ongoing development portfolio in Pakistan and expressed satisfaction with the pace of implementation.
He also sought the SFD’s financial support for the National Highway N-25 infrastructure project.
Pakistan’s finance minister seeks faster disbursements under Saudi oil facility in talks with SFD chief
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Pakistan’s finance minister seeks faster disbursements under Saudi oil facility in talks with SFD chief
- Muhammad Aurangzeb calls for SFD’s support for the National Highway infrastructure project
- He says Pakistan’s macroeconomic outlook has improved, with its credit rating hitting B-minus
Government says Pakistan’s IT exports hit record monthly high in December
- Finance adviser says IT exports crossed $400 million for first time in a month
- Pakistan aims to double exports to $60 billion in four years, with IT a key driver
ISLAMABAD: Pakistan’s information technology exports climbed to a record $437 million in December, crossing the $400 million mark for the first time on a monthly basis, the government’s finance adviser Khurram Schehzad said in a social media post on Monday.
The surge underscores the growing role of the tech sector as Pakistan seeks to boost exports while emerging from a prolonged economic crisis that drained foreign exchange reserves, widened balance-of-payments pressures and weakened the currency.
The government is now aiming for export-led growth as part of broader structural reforms under a $7 billion International Monetary Fund (IMF) loan program.
“December 2025 exports reached $437 million — crossing $400 million in a month for the first time ever,” Schehzad said in a post on X, adding that this represented 23 percent month-on-month growth from November and 26 percent year-on-year growth compared with December 2024.
For the first half of the current fiscal year, IT exports reached $2.24 billion, up 20 percent from a year earlier, making the sector the largest and most consistent contributor within services exports, he said.
Pakistan has been under pressure to sharply lift exports as it works to stabilize its economy.
Earlier this month, Planning Minister Ahsan Iqbal said the country must double its exports to $60 billion within four years or risk returning to the IMF.
Pakistan’s IT exports have been on a steady upward trajectory in recent years. They reached a record $3.8 billion in the 2024–25 financial year, according to official data.
The momentum has carried into the current fiscal year, with IT exports posting 19 percent year-on-year growth during the first five months from July to November.
Exports during the period stood at $1.8 billion, according to data released by the State Bank of Pakistan.
The government has said it sees the technology sector as a key driver of foreign exchange earnings and job creation as Pakistan seeks to lock in recent macroeconomic gains and attract new investment.
