Kuwait agrees to extend oil credit facility for Pakistan by two years

Pakistan Petroleum Minister Ali Pervaiz Malik met with the Kuwaiti ambassador on Wednesday, where Kuwait agreed to extend its oil credit facility for Pakistan by two years, according to sources.

The facility, provided by Kuwait Petroleum to Pakistan State Oil (PSO), is expected to bolster Pakistan's energy sector.

Malik expressed gratitude to Kuwait for the concession, emphasizing the importance of bilateral cooperation in the energy sector. Both nations agreed to strengthen ties in this domain.

The minister highlighted Prime Minister Shehbaz Sharif's role in implementing economic reforms with the support of Kuwait and other allied nations.

Separately, in a video address from Islamabad, Malik said that domestic fuel prices were kept unchanged and savings from this decision will be allocated to the construction of the M-25 highway in Baluchistan.

Malik stated that PM Sharif would personally oversee the project's completion to ensure timely progress.

Malik acknowledged the challenges of maintaining fuel prices but stressed its importance for national unity. He urged citizens to support the initiative, noting that PKR 35-40 relief in fuel and electricity prices has already been passed on to the public, making Pakistan's energy costs the lowest in the region.

The minister also highlighted Pakistan's economic achievements, including recognition from the International Finance Corporation and Fitch Ratings. He expressed optimism about infrastructure development, citing the success of the minerals conference and the nearing operationalization of the Reko Diq project.