The Saudis are taking "reasonable interest in helping out" the incoming PML-N government led by Nawaz Sharif, an unnamed senior government official was quoted as saying by the Dawn newspaper.
The bailout package will enable Pakistan to resolve the chronic circular debt in the energy sector.
Saudi Arabia had extended a similar package to Pakistan soon after it went nuclear in 1998 and faced international economic sanctions.
At that time, a PML-N government led by Nawaz Sharif was in power. After Sharif was deposed in a military coup in 1999, he went into self-exile in a deal brokered by the Saudis.
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Sharif is still considered to be close to the Saudi royal family, which spurned several requests for assistance from the previous government led by President Asif Ali Zardari's Pakistan People's Party.
The Saudi envoy was immediately provided a position paper, the official said.
Pakistan expects 100,000 barrels of crude oil and 15,000 tons of furnace oil a day from Saudi Arabia on deferred payment for three years. The amount involved is about USD 12 billion to 15 billion.