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ISLAMABAD: Terming reports of a Saudi Oil Facility for Pakistan to the tune of $15 billion mere speculation, some financial wizards of the PML-N have expressed their apprehensions that some stock market players could be behind such rumours to make quick bucks.
A top leader told this correspondent on condition of anonymity that his party leadership and Saudi Arabia’s envoy held a meeting after the PML-N victory in the May 11 elections, but the Saudi Oil Facility (SOF) on deferred payment was never part of the discussions between them.
“So it’s mere speculation and we are apprehensive that the stock market people might be playing dirty tricks to pocket billions of rupees by creating a surge in share values of oil companies and then witness a massive crash of the market,” he added.
He said Saudi Arabia had given an oil facility to Egypt to the tune of around $3 billion despite the fact that both the countries enjoyed the best of cordial relations. So expecting a favour of $15 billion is just part of speculation and it is totally baseless, he added.
Saudi Arabia had extended oil facility on deferred payment to Pakistan when the last Nawaz Sharif government had conducted nuclear explosions on May 28, 1998 and subsequently faced economic sanctions from the western world.
On Friday, this correspondent talked to different economists with exprience of the economy who were also of the view that expectations should not be raised unnecessarily.
http://www.thenews.com.pk/Todays-News-13-23100-PML-N-rejects-$15-bn-Saudi-bailout-story-as-speculation
A top leader told this correspondent on condition of anonymity that his party leadership and Saudi Arabia’s envoy held a meeting after the PML-N victory in the May 11 elections, but the Saudi Oil Facility (SOF) on deferred payment was never part of the discussions between them.
“So it’s mere speculation and we are apprehensive that the stock market people might be playing dirty tricks to pocket billions of rupees by creating a surge in share values of oil companies and then witness a massive crash of the market,” he added.
He said Saudi Arabia had given an oil facility to Egypt to the tune of around $3 billion despite the fact that both the countries enjoyed the best of cordial relations. So expecting a favour of $15 billion is just part of speculation and it is totally baseless, he added.
Saudi Arabia had extended oil facility on deferred payment to Pakistan when the last Nawaz Sharif government had conducted nuclear explosions on May 28, 1998 and subsequently faced economic sanctions from the western world.
On Friday, this correspondent talked to different economists with exprience of the economy who were also of the view that expectations should not be raised unnecessarily.
http://www.thenews.com.pk/Todays-News-13-23100-PML-N-rejects-$15-bn-Saudi-bailout-story-as-speculation
