KSA steps in to Aid Pakistan in trying times

The Kingdom of Saudi Arabia (KSA) announces huge package for Pakistan in difficult times, it will once again provide oil on late payments.

Confirming in the National Assembly session, Finance Minister, Shaukat Tareen, said:

“Pakistan has requested Saudi Arabia after the rise in global crude oil prices, adding that the oil supply agreement with Saudi Arabia is nearing completion. Details will be revealed in two to three days.”

It may be recalled that in June this year, after signs of improvement in relations between Pakistan and KSA, Riyadh had restored the facility of supplying borrowed oil to Pakistan. Our country, which is dependent on imported oil, will receive 1.5 billion in oil from KSA on a one-year deferred payment. The announcement was made by the federal government of Pakistan, Hamad Azhar and Waqar Masood, who is the Special Revenue Assistant

This is not the first time that Saudi Arabia has been providing oil to Pakistan on late payment. This facility has been provided to Pakistan a few times in the past. However, the late payment of 1.5 billion worth of oil is significant in that it reflects a return to warmth in bilateral relations between Pakistan and KSA. Some time ago, there was some resentment due to which Saudi Arabia suspended the supply of oil on the late payment of three billion dollars during the PTI regime.

It may be recalled that Pakistan imports up to 10 billion dollars worth of products for its energy needs and the import of Regasified Liquefied Natural Gas (RLNG) brings the energy sector to 14 14-15 billion. The Pakistani government has confirmed the resumption of oil facility worth 1.5 billion dollars a year from KSA.

Addressing the National Assembly, Shaukat Tareen stated:

“Pakistan’s exports are declining while imports are increasing. Rupees 4.5 billion worth of COVID-19 vaccine was procured this year. Since the prices of wheat have not been raised in the past years, Pakistan is now importing wheat due to shortage.”

“Today we have made an important decision that DAP is giving huge subsidies. The shortage of sugar and wheat is a failure of those who have been in power for 30 years. There is no need to worry. The economy is improving,” he added, “we set a target of 30 million tons of wheat, up from 27 million tons a year.”

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