Saudia-Pakistan work on 3.6 Billion Oil Deal (Grant)

[AZADPAKISTAN2009]

Saudi Arabia to give $3.6bn for oil purchases: Tarin

Minister for Finance and Revenue Shaukat Tarin Friday said that Saudi Arabia had agreed to provide US$3.6 billion for purchase of crude oil

www.app.com.pk

ISLAMABAD, Oct 1 (APP): Minister for Finance and Revenue Shaukat Tarin Friday said that Saudi Arabia had agreed to provide US$3.6 billion for purchase of crude oil.

Saudi Arabia would pay $3.6 billion to government of Pakistan on monthly basis over a period of two years, Shaukat Tarin said while talking to media in Jhelum.

He said the government of Pakistan would receive $150 million per month that would be utilized only for the oil purchase.

• Make sure to click the Associated Press of Pakistan Link to Promote the actual voice of Pakistan

 

[One_Nation]

We love to feed on charity. Can't even pay for the oil we use.

 

[AZADPAKISTAN2009]

Mutual Understanding between two brotherly nations

 

[Silverblaze]

Is this the price we paid for Kashmir.

How this country's elite sleeps at night is disturbing. Grants actually increase corruption by hiding incompetence and absolving people of any responsibility.

I would want to see the video where the babus ask for Saudi grants. Just want to see their faces.

 

[Ali_Baba]

It unfortunate that even in 2021, Pakistan cannot break free of the bowl ....

 

[ziaulislam]

Is this the price we paid for Kashmir.

How this country's elite sleeps at night is disturbing. Grants actually increase corruption by hiding incompetence and absolving people of any responsibility.

I would want to see the video where the babus ask for Saudi grants. Just want to see their faces.

Country as whole is corrupt and seeks to go to war with a country which is 10x bigger and 20x bigger economy

Pakistanis cant live without imported cheese and seek to go and free kashmir

First LIKE CHINA GROW SOME "GHAYRAT" increase your exports and productivity..work like disicipline rather then baboos(china 669 work ethic) and then talk about kashmir

It unfortunate that even in 2021, Pakistan cannot break free of the bowl ....

How would it
Majority dont want pay tax or pay even the retail price of oil

Oil is chepaest in region in pakistan..but people still cry

All of my cousins sit home dont work and state irs poverty..i work more then all of extended family combined

Majority of govt offical come at 10 drink tea at 11 and go home at 1

There is no work ethics

Look at india..their middle class work 10x more then pakistanis..chinese work 100x more

Have seen their IT producitivity??

India is exporting 20x more then us

THIS WASNT LIKE THIS ALWAYS..IN 1990 IT WAS THE OPPOSITE..we had more productivity then india and china back then.

Only farmer class is left that works..and govt does it best to screw those people by messing around with food prices /fixing prices

The middleman is already taking all the profits on top of that we have govt abuse

 

[ghazi52]

Saudi Arabia to provide $3.6 bn facility for purchasing oil on deferred payments

October 02, 2021

ISLAMABAD: Federal Minister for Finance Shaukat Tarin said on Friday that Saudi Arabia will provide a $3.6 billion facility for purchasing oil on deferred payments over a period of two years.

“Saudi Arabia has agreed $150 million credit on a monthly basis for providing oil facility on deferred payment. It will provide $3.6 billion in cash for two years for allowing Islamabad to purchase oil from anywhere for meeting its requirements,” Federal Minister for Finance and Revenues Shaukat Tarin confirmed when journalists asked him about the Saudi Oil Facility (SOF) on deferred payment after the inauguration of Track and Trace System at the production unit of Pakistan Tobacco Company (PTC) located in Jhelum on Friday.

When this scribe inquired about the finalisation of the Saudi Oil Facility, the minister replied that Saudi Arabia’s deal was done under which they would provide a $150 million credit facility on a monthly basis, so it would be around $3.6 billion facility for the next two years.

To another query when asked how Pakistani refineries would be able to utilise the full capacity of refining Saudi crude oil, the minister replied that they would provide a $150 million facility as cash on a monthly basis and then the government would purchase oil from anywhere. It is relevant to mention here that Pakistan had remained unable to fully utilize the Saudi Oil Facility (SOF) on deferred payment because most of our refineries were not able to refine the Saudi oil. These refineries were built to refine crude Brent varieties purchased from other Gulf countries.

 

[Silverblaze]

Country as whole is corrupt and seeks to go to war with a country which is 10x bigger and 20x bigger economy

Pakistanis cant live without imported cheese and seek to go and free kashmir

First LIKE CHINA GROW SOME "GHAYRAT" increase your exports and productivity..work like disicipline rather then baboos(china 669 work ethic) and then talk about kashmir

Agree with every word you say but Pakistan has never been productive. We were sustaining the country because the population was manageable and alignments of strategic interests enabled monetary aid to come to Pakistan but now Pakistan is no longer a blue eyed boy and is a huge country.

Things have come crashing down because the state apparatus has not changed. There has never been any effort to introduce reforms never.

Over 70% of its economy is undocumented. SOEs bleeding money, bureaucracy is inefficient and corrupt and police- less said the better. Smuggling is playing havoc with the economy etc.

This another so called geo-economics doctrine will also fail as there is no intent to reform the system so far.

 

[jamal18]

The Chinese buid our train tracks and highways.

The saudis pay for our oil

The IMF bail out our finances.

Looks like we're on our way to being a great power.....

 

[ziaulislam]

Agree with every word you say but Pakistan has never been productive. We were sustaining the country because the population was manageable and alignments of strategic interests enabled monetary aid to come to Pakistan but now Pakistan is no longer a blue eyed boy and is a huge country.

Things have come crashing down because the state apparatus has not changed. There has never been any effort to introduce reforms never.

Over 70% of its economy is undocumented. SOEs bleeding money, bureaucracy is inefficient and corrupt and police- less said the better. Smuggling is playing havoc with the economy etc.

This another so called geo-economics doctrine will also fail as there is no intent to reform the system so far.

Disagree..there is an intent but strong resistance..that resistance is wininng it is the same resistance that caused everything to go down hill since 1990s

Govt is talking about reforms and opposition and people are resisting it, the govt simply doesnt has the mandate to bulldozd these reforms ..this is whats happening..

 

[TigerOfMysore]

Get off this Saudi drug for God's sake!!

 

[Crimson Blue]

Get off this Saudi drug for God's sake!!

In current situation, Pakistan need foreign reserves of around $75 billion to get off this drug.

Foreign reserves of $22 - $27 billion simply are not enough to absorb the price fluctuations which are happening in international market. Pakistan faced similar situation in 2008 when almost all of her foreign reserves were drained within 2 years due to sky high crude oil prices.

 

[ziaulislam]

Get off this Saudi drug for God's sake!!

Lol..people think this current dose is too low and want more

In current situation, Pakistan need foreign reserves of around $75 billion to get off this drug.

Foreign reserves of $22 - $27 billion simply are not enough to absorb the price fluctuations which are happening in international market. Pakistan faced similar situation in 2008 when almost all of her foreign reserves were drained within 2 years due to sky high crude oil prices.

No pakistan doesnt need reseves it need logic
I.e not subsidizing imported material
Import whatever u can afford and things will be fine

Problem is we start subsiding imports with loans..that simply cannot work unless u shit gold

 

[MultaniGuy]

Good news, but we need to improve the economy as well.

 

[Silverblaze]

Disagree..there is an intent but strong resistance..that resistance is wininng it is the same resistance that caused everything to go down hill since 1990s

Govt is talking about reforms and opposition and people are resisting it, the govt simply doesnt has the mandate to bulldozd these reforms ..this is whats happening..

Respect your views, but even well before 1990s Pakistan went to IMF instead of reformation. Industrialists were and are in govt they resist taxation, same with land owners and bureaucracy, etc. This has been happening since ages.

Thats why IK used to say that we would have to run Pakistan in a way never done before.

Regarding intent, where there is a will there is a way. If I am not wrong, you can even privatize failing SOES with a simple presidential ordinance. Hundreds of billions are being dished out to PIA, PSM and others.

After the 18th amendment substantial reforms can be done on a provincial level.

As of now, will and intent is missing. Hope is still there