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Pakistan

Pakistan expecting Saudi financial help: Ishaq Dar

  • Finance minister says there are positive vibes from there
Published December 13, 2022

ISLAMABAD: Pakistan is seeking financial help from Saudi Arabia that will include doubling the current deferred oil payment facility given by Riyadh to $2.4 billion per year, Finance Minister Ishaq Dar said on Tuesday.

Pakistan is struggling to meet its external financing obligations in the face of low foreign exchange reserves that barely covered a month of imports, and is also beset by decades-high inflation that has slowed down its economy.

Pakistan expects multibillion-dollar support from Saudi Arabia: sources

"I have discussed both things (financial help and oil facilities) with the Saudi finance minister, and there are positive vibes from there. They said they will support us," Dar said during an interview with local television channel.

He said the government was in touch with Saudi authorities, but did not give a time frame for the aid. Reuters earlier reported that Pakistan expects the assistance this month.

Ishaq Dar directs measures to stop cross-border dollar smuggling

Dar also said that Islamabad was looking at purchasing discounted oil from Russia, and that he had discussed the matter with officials from the U.S. State Department back in October.

Dar said U.S. officials had told him that a G7 pricing committee was being set up for Russian oil products and that there would be a price cap.

"(They said) you shouldn't buy (oil) for above that, and I agreed," he said.

Pakistan has historically imported most of its oil and gas products from the Middle East. But with energy making up a majority of its imports, it is seeking discounted oil to lower its current account deficit.

Pakistan's petroleum minister travelled to Moscow last month and said that Russia had agreed to sell Pakistan petroleum products at a discounted price.

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Arbab Dec 13, 2022 11:47pm
Darknomics telling us 2 + 2 = 5. You are getting Oil on Credit and deposit from KSA/UAE to buy discount oil from Russia on cash at US designed rate. PDM may be nuts, public certainly isn't. Dirty politics has already destroyed economy enough.
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boncerichard Dec 14, 2022 12:40am
Since 1947 we are on oxygen and always beg money from other countries. If we compare India they never beg charity and donation from other countries. We never stand from our own foot becuase our army judges and politians are currupted and always steal money. Take the example of Pakistan steel mills almost closed and production at all. What we expect from our government only curruptions and begging money from others countries. Why we spend billions on defence what is result we already lost one part in 1971. Our neigbours not like us.
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