Saudi Arabia Finance Minister Mohammed al-Jadaan has said that the expansion of the 3 billion facility given to Pakistan is being finalized....
Saudi Arabia Finance Minister Mohammed al-Jadaan has said that the expansion of the 3 billion facility given to Pakistan is being finalized.
According to a Reuters report, in an informal meeting during the World Economic Forum in Davos, Saudi Finance Minister Mohammed al-Jadaan said, "We are currently finalizing the expansion of the 3 billion deposit to Pakistan."
Read more: IMF to seek time to raise prices of petroleum products: Muftah Ismail
Saudi Arabia had deposited 3 billion in the State Bank of Pakistan last year to help Pakistan national reserves.
Saudi Arabia finance minister did not provide further details, but said in a joint statement on May 1 that the two countries would discuss conditions for expanding the deposit or the possibility of co-operation through other means.
It is to be noted that Pakistan is in dire need of dollars for the national exchequer at this time while inflation and reduction in treasury is at a two-month low and the rupee continues to depreciate.
Muhammad Al-Jadaan said that Pakistan is an important ally and Saudi Arabia will stand by Pakistan.
Read also: All agreements made with IMF will be fulfilled, Muftah Ismail
A new government was formed in Pakistan after the overthrow of Imran Khan government last month, but the resumption of the International Monetary Fund (IMF) program has had a devastating effect on the country economy and stock market, as well as intensifying the political crisis. Has done
Negotiations with the IMF for resumption of the program are taking place in Doha, the capital of Qatar, where the seventh review will be held.
Speaking to media in Karachi yesterday, Finance Minister Muftah Ismail had said that he wanted to tell the nation that he would come to an agreement with the IMF within two days and bring good and positive news.
He said that Imran Khan has taken Rs 21 billion from IMF which we have to repay by next year, this does not include money from Saudi Arabia and UAE.
He had said that according to the agreement reached with Shaukat Tareen IMF, the price of petroleum products should be increased up to Rs 150.
The Finance Minister said that my Prime Minister has said that this nation cannot afford price hike at the moment, so I will go to the IMF and say that I believe that former Finance Minister Shaukat Tareen did this. Promised to raise prices but give us some time off.
"We have been pulling the subsidy for one and a half months and I assure you that Muftah Ismail will not accept what Shaukat Tareen agreed to," he said.
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