ISLAMABAD – Minister for Finance and Revenue Shaukat Tarin on Friday shared the details of the agreement under which Pakistan had received financial assistance worth $3 billion from Saudi Arabia.
The kingdom had deposited $3 billion in Pakistan’s foreign reserves for one year at 4% interest under a support package.
The finance minister shared the details in response to a query made in a Senate session on January 25.
“Will the Minister of Finance and Revenue be pleased to state the details of agreement under which Pakistan received $3 billion from Saudi Arabia in December 2021, indicating also the interest rate and the time frame and the number of tranches fixed for the return of the said loan,” the official statement cited the question asked by Senator Mushtaq Ahmed.
During today’s Senate session, the house was informed that Pakistan will start utilising the Saudi oil facility on deferred payment in March, Radio Pakistan reported.
“We have tried keeping the entire burden of international petroleum price hike from falling on the people,” Tarin said during the question hour.
He said that the government has provided relief to the masses by lowering the sales tax and petroleum development levy despite upward trend in oil prices in the international market.
He said that the increase in the foreign exchange reserves of the central bank during the past year would help contain the pressure on the rupee.
In his response to a supplementary question, Tarin said that Pakistan has fulfilled 27 out of 28 conditions made by the Financial Action Task Force (FATF).
“We have achieved our targets, hoping that the country will come out of the grey list in the next FATF review,” he said.
