Deferred payments: KSA once again turns oil tap on for Pakistan

ISLAMABAD: Finance Minister Shaukat Tarin on Wednesday informed the National Assembly that an agreement to get oil from the Kingdom of Saudi Arabia (KSA) on deferred payment has been finalised.

During assembly’s question-hour, he said that when Pakistan Tehreek-e-Insaf (PTI) took over in 2018, Saudi Arabia gave a big package that included a deferred oil payment facility.

“And now again Saudi Arabia is thinking about new facility for us as oil prices are increasing. We’ve requested them that we have the burden of oil prices, so an agreement for oil on deferred payment has been finalised, which will become clear in next two to three days,” he added. He also said that the government is going to announce a subsidy on the DAP fertiliser to provide relief to the farmers and the agriculture sector.

Answering another question, Tarin said the economy is growing after a long time and that is why imports are on the rise.

Replying to yet another question, parliamentary secretary for commerce Aliya Hamza Malik said textile’s exports have witnessed a growth of 23 percent, engineering goods 30 percent, and carpets, footwear, and surgical goods 14 percent.

The parliamentary secretary for planning, development and reform, KanwalShauzab said textile sector is working at its full capacity by taking advantage of government’s withdrawal of duties and taxes on import of the raw cotton.

Oil facility revival: Pakistan yet to reach deal with KSA

She said almost half a million jobs have been created in the textile industry.

Meanwhile, talking to reporters outside the Parliament House, Information Minister Fawad Chaudhary said that the government will convene a joint session of parliament for comprehensive legislation on election reforms. He said the government has been trying to hold talks with the opposition parties on election reforms and legislation in this regard for the last one year.

Referring to the cases against PML-N leader Shehbaz Sharif, the minister said two cases of more than Rs33 billion are under trial in Pakistan against the opposition leader. He appealed the judiciary to hold proceedings in the cases against Shehbaz on a daily basis to bring them to a logical conclusion at the earliest.

The minister said that the PML-N operated money laundering networks from Al Arabia and Ramazan sugar mills in 57 bank accounts in the names of mills workers.

He called upon Nawaz Sharif and other absconders of the PML-N to come back to Pakistan and face their cases if he thinks he is an upright man.

Copyright Business Recorder, 2021