The Finance Ministry has attributed the delay in the transfer of promised $3 billion from Saudi Arabia to Pakistan for balance of payment support to ''official procedure'' and sounded confident that the amount would be deposited in the State Bank of Pakistan (SBP) account soon.
An official of the Finance Ministry confirmed that Pakistan has yet to receive $ 3 billion pledged by Saudi Arabia during Prime Minister Imran Khan''s visit to the Kingdom last month. However, the official added that the delay was due to ''official procedure'' and the amount would be disbursed to Pakistan soon.
While responding to a Business Recorder question on November 6, 2018, Foreign Minister Shah Mehmood Qureshi claimed that Pakistan will receive $3 billion from the Kingdom ''by tonight or tomorrow'' and Finance Minister Asad Umar declared during the same media briefing that Pakistan''s immediate balance of payment crisis is over, referring to BoP support from Saudi Arabia and assurances from China. However, since then, one week has passed and Pakistan has not received the amount promised on October 23, 2018.
When contacted, an official of State Bank of Pakistan (SBP) stated that he "checked with relevant department in the morning and the amount has not been transferred from Saudi Arabia yet. The delay may be because of official procedure and only Saudi''s or top government officials can specify the reasons, if any, behind the delay".
"There is nothing much we can do about", he said while adding that "when the amount will be transferred in the SBP account everyone will know about it". He said that he was not aware of any reasons for the delay.
This correspondent also tried to contact the Secretary Finance and senior officials of budget wing through phone calls and messages but no one was available for comment despite several attempts.
Background interaction with officials of finance minister reveal that the question about whether Pakistan received $3 billion from Saudi Arabia or not was being asked from within the government every day. Sources in the Defense Ministry categorically dismissed that the delay has anything to do with the training of Saudi Army personnel. The present government after assuming office on August 18, 2018 has been soliciting help from friendly countries to avert balance of payment crisis as the country has to meet obligation of debt servicing relating to previously borrowed loans.
Saudi oil facility of US$3 billion annual on deferred payment for the next three years as well as $3 billion deposit in the SBP were being viewed as vital support to ease pressure on external account.
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