#BREAKING: Islamabad’s efforts to mediate a ceasefire between Tehran and Washington are 'on track,' AP reports, quoting the Pakistani Foreign Ministry.https://t.co/8ceUpHNOSg
When Pakistan conducted nuclear tests in year 1998, the economy was in dire straits. Pakistan was down to only $600 million in foreign exchange reserves against an outstanding foreign debt of $38 billion. Pakistan would have defaulted under the economic sanctions imposed by the US before the Saudis chipped in.
To ease the economic pressure, Saudi Arabia agreed to a three year plan to accept deferred oil payments from Pakistan in 1998.
According to a western diplomat, the Saudis after three years of deferred payments practically wrote off the payments.
In 1998, according to Guardian when the Saudis bailed out Pakistan, oil prices had fallen to $10 a barrel and “the Saudis had an unprecedented budget deficit and even had to borrow money”
Prince Turki bin Faisal once described the relations between Pak and KSA as “probably one of the closest relationships in the world between any two countries”.