Saudi Arabia has announced a $1 billion oil facility for Pakistan, equivalent to around Rs290 billion, as part of its ongoing financial cooperation with Islamabad.

According to official sources, Riyadh will also roll over $5 billion in deposits currently placed with the State Bank of Pakistan (SBP).

Of these deposits, $2 billion will mature in December, while $3 billion is due in June 2026.

During the current fiscal year, Pakistan has already received Rs85 billion worth of oil supplies under the existing Saudi facility, which totals $300 million.

The arrangement provides $100 million worth of oil each month, equivalent to approximately Rs28.37 billion in local currency.

The Saudi deposits, maintained as time deposits for budgetary support, carry an interest rate of 4 per cent and are rolled over annually, sources added.

In total, the Saudi deposits held by Pakistan amount to about Rs1.45 trillion.