Pakistan to get US$2billion worth of oil from Kuwait

[somebozo]

we need to break this cycle of debt and usury based loans..its forever enslavement..Prophet abolished all obligations towards usury in his last sermon!

 

[VCheng]

we need to break this cycle of debt and usury based loans..its forever enslavement..Prophet abolished all obligations towards usury in his last sermon!

Are you suggesting a sovereign default on Pakistan's debts?

 

[AZADPAKISTAN2009]

This loan is a illusion of bringing prices down , untill 1-2 years , gov changes , and next gov will have to tell public prices will increase x 4 times thats all it is , the current gov is putting a band aid

Instead of investing in High Speed trains , with 2 billion dollars to reduce dependency on oil or Solar power they are wasting funds on such ventures

 

[desioptimist]

This loan is a illusion of bringing prices down , untill 1-2 years , gov changes , and next gov will have to tell public prices will increase x 4 times thats all it is , the current gov is putting a band aid

Instead of investing in High Speed trains , with 2 billion dollars to reduce dependency on oil or Solar power they are wasting funds on such ventures

They are not getting loan of 2 billion dollar. Are they?
They are getting oil worth 2 billion dollar, with deferred payment option.

 

[ashok321]

"We have made a request to Kuwait government to consider supply of oil to Pakistan against three months deferred payments and hope to get a positive response from it shortly,"

Pakistan had also made an identical request to Saudi Arabia but could not get the desired result. Now Kuwait is on the list for much-needed financial support.

Pakistan's oil consumption in previous year stood at 20 million tons, daily 400,000 barrels while local production meets only 13 percent of total demand. Last year, total oil import in different categories - crude oil 7 million tons, HSD 4.6 million tons, and furnace oil 6.6 million tons - that took the import bill to over 10 billion dollars.

For the current fiscal year, total consumption was estimated at 12 million tons (two million tons more than the last year's and at 70 dollars a barrel, Pakistan's oil import bill was projected close to 12 billion dollars. However, a sudden surge in oil prices, the situation has put Pakistan in a highly disadvantageous position.

Now the officials of the finance and petroleum ministry apprehend that if the oil prices in the global market remained at the current level of 100 dollars a barrel it could take yearly oil import bill beyond 13 billion dollars, a level hard for Pakistan to afford without foreign financial support.

http://www.brecorder.com/component/news/single/595:news.html?id=1162354