ISLAMABAD: An agreement between Pakistan and Saudi Arabia for provision of $3.2 billion worth of oil on deferred payments per annum has expired two months ago and decision about its renewal remains pending with Riyadh, The Express Tribune reported.
The $3.2 billion Saudi oil facility was part of the $6.2 billion Saudi Arabian package announced in November 2018. Pakistan already returned $1 billion Saudi loan, four months before its repayment was due. Foreign Minister Shah Mehmood Qureshi has said that the decision to repay the loan installment was made keeping in view the pressures on Saudi economy due to fall in the price of oil.
Pakistan might also return the remaining $2 billion, subject to availability of similar facility from China. After the first repayment China has already offered $1 billion to Pakistan to avoid any repercussions from the removal of Saudi funding assistance.
The original agreement between Pakistan and Saudi Arabia has the provision of renewal for two more years. The newspaper reported that Saudi Arabia has not provided the oil on deferred payments since May this year. The budget estimates suggested that the government was hoping to receive minimum $1 billion worth of oil in fiscal year 2020-21, which started from July. A spokesman of the Petroleum Division, Sajid Qazi, has also confirmed the development about expiry of the facility. He also said that efforts were being made by the Finance Division to renew the facility.
Pakistan finds itself in a difficult situation where on one hand its IMF programme is technically suspended for five months and on the other hand the repayment of loan is likely to put significant pressure on the official reserves of the State Bank.
Get rid of Saudi dependence…Pakistanis need to learn how to stand on their own.
your self dependence is clearly mentioned here in this article.
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Pakistan might also return the remaining $2 billion, subject to availability of similar facility from China. After the first repayment China has already offered $1 billion to Pakistan to avoid any repercussions from the removal of Saudi funding assistance.
No worries, you do not need to tell us what we need to do.
Stop unnecessary imports immediately and start buying everything made in Pakistan. Do as much you can on renewable and if it means we have to ride on bicycle so be it. Let’s be honest with each others and realise we need to stand for our country firm.
Pakistan has many varieties of begging bowl. If not Soudi’s, they would take China’s bowl and go
Peeshapistani is spotted.. Well, it should not be your concern moron. Pakistan will never ask India for any assistance. Because we know India even don’t have money to build toilets
Sitting on America’s lap and talking, first get the news of your own home.
Obviously gay country people will set in laps.
you better keep your mouth shut and focus on ur own begging bowl. Your begging from US and EU is not hidden.
Yes we have issues and we will protect our home.
You can’t protect your ass how you can protect your country.
MAY KHUDA TAALA SHIW OUR LEADERS RIGHT PATH TO TK COUNTRY OUT OF CRISIS AND WE HAVE A PROSPEROUS PAKISTAN.INSHALLAH .AAMEEN
India must be pitched hard against China.
Get these two busy so we can do other work
Ground work in india is already on going.
We have bilateral relations with KSA i hope mbs will realize the current situation in kashmir and he will review his policy.
Pakistan’s Economy facing very many challenges due to corona, external n internal debts, corruption, looting of national wealth n money laundering etc.
Pakistan Govt should announce ECONOMIC EMERGENCY and promulgate an Ordinance that all Pakistanis should bring their deposits/wealth to Pakistan from foreign countries.
This wl certainly ease foreign exchange pressure.
Saudia Arabia has shown true friend ship with Pakistan and they have helped Imran Khan each and every time.
The kashmir issue will not solved untill the Government not announced the holy Jehad. The shameless cowered hindu has no value to stand against Jehad. A lot of Muslims Mujahideen just want safe way to reach kashmir and teach them a lesson. If you wait for other to solve kashmir issue then more 70 years will needed.
Bring it on. Let’s see then what happens.
Nice contents thanks for sharing…sir its so much helpful