Kuwait has extended its oil credit facility to Pakistan for another two years. Kuwait’s Ambassador to Pakistan confirmed the news during a meeting with Petroleum Minister Ali Pervaiz Malik in Islamabad on Wednesday, a statement from the Petroleum Division said.
Federal Minister for Petroleum Ali Pervaiz Malik received H.E. Nassar Abdulrahman J. Almutairi, the Ambassador of the State of Kuwait to Pakistan, at the Ministry of Petroleum in Islamabad.
The extension marked the first time Kuwait has prolonged the credit facility for two years. It typically grants Pakistan one-year extensions.
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Minister Ali Pervaiz Malik acknowledged Kuwait’s support and appreciated the special accommodations made for Pakistan.
The Kuwaiti ambassador expressed confidence in Pakistan’s growth trajectory and reaffirmed Kuwait’s commitment to deepening economic and energy partnerships between the two nations.
The discussions centered on strengthening bilateral energy cooperation and exploring new investment opportunities in Pakistan’s petroleum sector.
Islamabad says the economy has stabilised under a $7 billion International Monetary Fund bailout that helped stave off a default threat.
But with energy imports representing a major drain on foreign exchange, the government relies on credit facilities and rollovers to maintain reserve levels.
In February, Saudi Arabia, through the Saudi Fund for Development (SFD), extended a $1.2 billion financing facility for the import of oil derivatives for a year. The SFD has provided approximately $6.7 billion to Islamabad for oil derivatives since 2019.
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