Sunday, October 2, 2022

Pakistan to use Saudi oil facility on a deferred payment basis in March: Tarin

Shaukat Tarin, Pakistan’s finance minister, told the Senate on Friday that Pakistan will begin using the Saudi Arabian oil facility on a deferred payment basis in March 2022.

During question hour, Shaukat Tarin told the House that the government has tried not to pass on the whole cost of international increases in petroleum products to the people. “To bring assistance to the populace, we have decreased the sales tax and Petroleum Development Levy on petroleum goods,” he stated.

The finance minister stated that the State Bank of Pakistan’s foreign exchange reserves had grown in the previous year, easing pressure on the rupee. He stated that in December 2021, Pakistan received three billion dollars from Saudi Arabia for a one-year period at a 4% interest rate. He claimed that the country’s exports and remittances were rising, while the trade imbalance had shrunk by 1.5 billion dollars in the previous month.

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Shaukat Tarin responded to a follow-up inquiry by saying Pakistan had met 27 of the Financial Action Task Force’s 28 requirements (FATF). “We have met our targets,” he said, adding that he believed the country would be removed from the FATF’s grey list at the next review conference.

Meanwhile, Punjab and Khyber Pakhtunkhwa governments have begun major programmes to provide clean drinking water, according to Minister for Science and Technology Shibli Faraz. He claimed that the Capital Development Authority and Pakistan Council of Research on Water Resources had collaborated on a groundwater recharge project.

Several initiatives worth billions of rupees have been started for the development of Balochistan and Gwadar, according to Minister of State for Parliamentary Affairs Ali Muhammad Khan.

Shahzad Waseem spoke out against the international human rights community’s silence on India’s escalating religious hate and extremism. He claimed the worst kind of Islamophobia was being observed in India, which represented a threat to peace and security, referring to the abuse of a Muslim girl wearing a hijab in Karnataka.

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