Saudi Arabia commits $100 million for quake victims: Business Recorder

RECORDER REPORT

ISLAMABAD (November 01 2008): Saudi Finance Minister Dr Ibrahim Al-Assaf on Friday committed immediate transfer of $100 million relief and rehabilitation support for earthquake victims of Balochistan. Dr Ibrahim further said that Saudi government would be providing a package of health and relief support along with the financial assistance already committed.During a meeting with advisor to the prime minister on finance and economic affairs, Shaukat Tarin, Al-Assaf expressed sympathy over the loss of precious lives and property during the earthquake, which devastated many areas of Balochistan.

For more on this article, please click on the following link: Saudi Arabia commits $100 million for quake victims: Business Recorder

Saudis Defer $6B In Pakistani Oil Payments: CBS News

CBS) Written by CBS News' Farhan Bokhari, reporting from Islamabad.

Saudi Arabia has stepped in with a major gesture of support for Pakistan, with its offer to defer payments on oil shipments to Islamabad worth almost US$6 billion.

The Saudi move highlights the desert kingdom's longstanding ties to Pakistan which it considers a close ally on key security issues including the fight against terror.

For Muslim-majority Pakistan, the Saudi support comes as Islamabad grapples with fast-mounting difficulties driven largely by high global oil prices. Pakistan imports about one-third of its daily petroleum needs from Saudi Arabia.

In the past, too, the Saudis have helped Pakistan in this way when they deferred payments on oil shipments to the south Asian country from 1998 (after Pakistan carried out its first nuclear tests) until 2001.

Those tests in May 1998 were followed by punitive international economic sanctions imposed by countries, including the United States. Eventually, the Saudis wrote off the dues owed by Pakistan on account of the deferred payments on oil.

For more on this article, please click on the following link: Saudis Defer $6B In Pakistani Oil Payments: CBS News

Saudi Arabia offers $300m special grant to Pakistan: Khaleej Times

ISLAMABAD - Saudi Arabia will offer $300 million special grant to help improve Pakistan's ailing economy in the wake of rising fuel prices.

"Saudi Arabia fully realises the difficulties being faced by Pakistan following rising fuel prices and food crisis and would disburse this $300 million shortly," said Saudi Ambassador to Pakistan, Ali S. Awadh Asseri.

Talking to reporters here on Thursday he also said that during the upcoming visit of Prime Minister Yousuf Raza Gillani to the kingdom, several matters will be discussed to further improve economic relations between the two countries.

"The amount of $300 million would be gift to Pakistan as we are committed to Pakistan and would do whatever we can whole- heartedly," the ambassador said.

Ambassador Asseri said the Saudi Embassy in Islamabad and its consulate was issuing work visas to approximately 1,200 Pakistanis every single day, which reflects kingdom's close relationship with Pakistan.

Earlier, addressing the members of Rawalpindi Chamber of Commerce and Industry (RCCI), the Saudi envoy called for greater partnership of private sectors of the two countries. There is enormous scope for expanding our trade and economic relations.

For more on this article, please click on the following link: Saudi Arabia offers $300m special grant to Pakistan: Khaleej Times