During Shehbaz Sharif's visit to Saudi Arabia, Pakistan secures a $8 billion "package."

According to The News International, the $8 billion package for Pakistan comprises a doubling of the oil finance facility, additional money in the form of deposits or Sukuks, and a rollover of the existing $4.2 billion facilities.

Islamabad: During Prime Minister Shehbaz Sharif's visit to Saudi Arabia, Pakistan, which is suffering from an economic recession, received a "significant package" worth around $8 billion, according to local media.

According to The News International, the $8 billion package includes a doubling of the oil finance facility, additional money in the form of deposits or Sukuks, and a rollover of the existing $4.2 billion facilities.

"However, technical details are being worked out, and it will take a couple of weeks to get all documents ready and signed," top government sources familiar with the situation told the media outlet.

Shehbaz Sharif and his entourage have left Saudi Arabia, while Pakistan Finance Minister Miftah Ismail is still there to finish the details of the deal.

Saudi Arabia had previously supplied $3 billion in deposits to the State Bank of Pakistan in December 2021, as well as $100 million in oil procurement funds when the Saudi oil facility was operationalized in March 2022.

Saudi Arabia gave Pakistan a $4.2 billion package under Imran Khan's government, comprising $3 billion in deposits and a $1.2 billion one-year oil facility.

Meanwhile, the Ministry of Finance in Pakistan anticipated rough days ahead, citing growing inflation, a widening current account deficit, a bigger budget deficit, and dwindling economic development prospects, amid a mix of internal and external challenges of varying duration.

High foreign commodity prices, according to the Finance Ministry, not only keep inflation high, but they also put a strain on Pakistan's economy.