Pakistan secures $8bn package from Saudi Arabia

[MultaniGuy]

Good to get Saudi help.

But we also need to improve our economy as well.

 

[HaMoTZeMaS]

Politics Aside

State of Pakistan desperately Need extra financial help

 

[OldenWisdom...قول بزرگ]

An exercise in futility!

The trade volume between the two is heavily in favor of Saudi Arabia and there is no effort to remedy that... secondly Pakistanis provide cheap labor to Saudis with a much higher positive impact on Saudi economy than the slave wage remittances they send back... creating a perpetual cycle of poverty.

The facility is essentially a crutch or say skin of rubber on shackles that have fettered the wealth and economy of Pakistan.

These kind of economic deals if done in the old order would have necessitated a course correction or outright hostility. Remember Europe prevailed by circumventing and eventually reaching markets directly in Asia. It now prevents even otherwise neighbors in reaching deals of mutual benefit.

Saudis thus offer Pakistan the very shackles gnawing away at it's wealth in the guise of relief. The bilateral trade heavily skewed in one direction and the resultant gain translates into more wealth in the west. Offering, stability and safety to the regime that endures.

I leave it to the reader, to construe, what could have been...

 

[ziaulislam]

Pakistan secures $8bn package from Saudi Arabia​

Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it, an official said​

By Mehtab Haider
May 01, 2022

Crown Prince Mohammed bin Salman receives PM Shehbaz at Al-Salam Royal Palace Jeddah on April 30, 2022. Photo: Twitter/PML_N

ISLAMABAD: Pakistan has secured a "sizeable package" of around $8 billion from Saudi Arabia, including doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities during the visit of Prime Minister Shehbaz Sharif.

"However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed," top official sources privy to the development informed The News on Saturday. Prime Minister Shehbaz Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalize the modalities of the increased financial package.

Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it. It was also agreed that the existing deposits of $3 billion would be rolled over for an extended period up to June 2023.

Related Stories​

• Shehbaz arrives in Saudi Arabia: PM seeks greater opportunities for Pakistani workforce
• Kashmir, Palestine issues solution must for durable peace: PM Shehbaz Sharif

"Pakistan and KSA discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," said official sources, adding that the size of the total package would be determined when additional money was finalized. Saudi Arabia had provided $3 billion deposits to the State Bank of Pakistan in December 2021 while the Saudi oil facility was operationalised from March 2022 whereby Pakistan was provided $100 million to procure oil. Saudi Arabia had provided a $7.5 billion package during the last tenure of the PMLN government (2013-18). Under the PTI-led regime, Saudi Arabia had provided a package of $4.2 billion, including $3 billion deposits and $1.2 billion oil facility for one year and linked it with the IMF programme.

Now Saudi Arabia has provided an enhanced financial package to Pakistan when its economy is in dire straits and the country is facing a balance of payment crisis. The country’s foreign exchange reserves held by the State Bank of Pakistan depleted by $6 billion in the last six to seven weeks and nosedived to $10.5 billion at the moment. With the rising current account deficit at $13.2 billion in the first nine months and pressing external loan repayment requirements, Pakistan requires financial injections of $9 to $12 billion till June 2022 to avert further depletion of foreign currency reserves. Pakistan will have to repay external debt servicing of $3 billion in the last quarter (April-June) of the current fiscal year.

The revival of the IMF programme is considered as imperative because the gross external financing requirement is estimated to the tune of $35 billion during the next fiscal year 2022-23 and without the backing of the programme, the huge financing gap cannot be bridged. However, independent economists, like Dr Ashfaque Hasan Khan, suggest a ban on the import of luxury cars and other unessential items for saving dollars.

Later in a tweet, Miftah Ismail said, "Just said goodbye to Prime Minister Shehbaz Sharif and other colleagues at Jeddah Airport, who are on their way to Islamabad after a brief stopover in Abu Dhabi to meet Crown Prince Muhammad Bin Zayed. I remain in SA to meet Saudi officials and start technical-level talks."

Pakistan secures $8bn package from Saudi Arabia

ISLAMABAD: Pakistan has secured a sizeable package of around $8 billion from Saudi Arabia, including doubling of the oil financing facility, additional money either through deposits or Sukuks and...

www.thenews.com.pk

Wait? I am confused
First where is 8b??

Second 6b$ is already there
Lastly sukukks are bonds that pakistan will float by putting its property..? How come thats aid??

 

[TheSolution]

yes khan will be removed like GHQ once removed sheikh mujeeb from the pakistan map ? similarly now these wise generals are planning another Dhaka pants removing ceremony for themselves ...shabash ab kia is bar BAJWA Punjabistan ka COAS bany ga ?

Exactly

 

[maverick1977]

lies lies and lies, epic failure of his trip

 

[Chak Bamu]

@Chak Bamu
Brother would you stay consistent with your views and call this act from SS and PMLN as begging? Essentially PMLN is using the same facilities availed by PTI, only now at a little bigger scale.

I know I wont call it begging, just like I didn’t classify these loans and facilities taken under PTI govt as ‘begging’.

Pakistan's been doing this since the early 70s, so why would I call it begging? There would be no nuclear program if it was not for GCC largesse. The Afghan Jihad of the 80s would not have been what it was if there was no GCC support for it (much before CIA got involved). So, why are you insisting on a very narrow view of it?

Look, IK is a hypocrite when his rhetoric & actions do not match. There is nothing wrong with calling it out for what it is.

What was you point, BTW?

 

[khail007]

Pakistan secures $8bn package from Saudi Arabia​

Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it, an official said​

By Mehtab Haider
May 01, 2022

Crown Prince Mohammed bin Salman receives PM Shehbaz at Al-Salam Royal Palace Jeddah on April 30, 2022. Photo: Twitter/PML_N

ISLAMABAD: Pakistan has secured a "sizeable package" of around $8 billion from Saudi Arabia, including doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities during the visit of Prime Minister Shehbaz Sharif.

"However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed," top official sources privy to the development informed The News on Saturday. Prime Minister Shehbaz Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalize the modalities of the increased financial package.

Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it. It was also agreed that the existing deposits of $3 billion would be rolled over for an extended period up to June 2023.

Related Stories​

• Shehbaz arrives in Saudi Arabia: PM seeks greater opportunities for Pakistani workforce
• Kashmir, Palestine issues solution must for durable peace: PM Shehbaz Sharif

"Pakistan and KSA discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," said official sources, adding that the size of the total package would be determined when additional money was finalized. Saudi Arabia had provided $3 billion deposits to the State Bank of Pakistan in December 2021 while the Saudi oil facility was operationalised from March 2022 whereby Pakistan was provided $100 million to procure oil. Saudi Arabia had provided a $7.5 billion package during the last tenure of the PMLN government (2013-18). Under the PTI-led regime, Saudi Arabia had provided a package of $4.2 billion, including $3 billion deposits and $1.2 billion oil facility for one year and linked it with the IMF programme.

Now Saudi Arabia has provided an enhanced financial package to Pakistan when its economy is in dire straits and the country is facing a balance of payment crisis. The country’s foreign exchange reserves held by the State Bank of Pakistan depleted by $6 billion in the last six to seven weeks and nosedived to $10.5 billion at the moment. With the rising current account deficit at $13.2 billion in the first nine months and pressing external loan repayment requirements, Pakistan requires financial injections of $9 to $12 billion till June 2022 to avert further depletion of foreign currency reserves. Pakistan will have to repay external debt servicing of $3 billion in the last quarter (April-June) of the current fiscal year.

The revival of the IMF programme is considered as imperative because the gross external financing requirement is estimated to the tune of $35 billion during the next fiscal year 2022-23 and without the backing of the programme, the huge financing gap cannot be bridged. However, independent economists, like Dr Ashfaque Hasan Khan, suggest a ban on the import of luxury cars and other unessential items for saving dollars.

Later in a tweet, Miftah Ismail said, "Just said goodbye to Prime Minister Shehbaz Sharif and other colleagues at Jeddah Airport, who are on their way to Islamabad after a brief stopover in Abu Dhabi to meet Crown Prince Muhammad Bin Zayed. I remain in SA to meet Saudi officials and start technical-level talks."

Pakistan secures $8bn package from Saudi Arabia

ISLAMABAD: Pakistan has secured a sizeable package of around $8 billion from Saudi Arabia, including doubling of the oil financing facility, additional money either through deposits or Sukuks and...

www.thenews.com.pk

3bn as miftah ismail said inbhis tweet. but inflation is all time high

https://twitter.com/x/status/1520659079156441088

Wait? I am confused
First where is 8b??

Second 6b$ is already there
Lastly sukukks are bonds that pakistan will float by putting its property..? How come thats aid??

Pakistan is struggling to retain the previous financial support.
Lies spread fast but never prevail, we all need to understand.
The world is withdrawing its extended hands from the BEGGERS - everyone is for its own survival.
Pakistanis should change their begging attitude, work ourselves or die of hunger as our attitude is to feed our hard-earned money to corrupt elite and system.

Pakistan urges Saudi Arabia not to withdraw deposits given to SBP | The Express Tribune

Islamabad also seeks extension to Riyadh's oil facility, says finance minister

tribune.com.pk

 

[TheDarkKnight]

Pakistan's been doing this since the early 70s, so why would I call it begging? There would be no nuclear program if it was not for GCC largesse. The Afghan Jihad of the 80s would not have been what it was if there was no GCC support for it (much before CIA got involved). So, why are you insisting on a very narrow view of it?

Look, IK is a hypocrite when his rhetoric & actions do not match. There is nothing wrong with calling it out for what it is.

What was you point, BTW?

Oh I completely agree with the middle portion of your post. I was referring to earlier criticism of you and some of your friends classifying PTIs loans, facilities from SA, Qatar, USE and China as begging etc. And now within a month PMLN is trying to extend the same facilities and loans started by PTI and IK. My point is : its not begging. But probably you have been vocally calling these in PTIs time as begging.

Regarding rhetoric not matching actions - well we all are guilty of it at some level. And political parties have always exaggerated in slogans etc. We have examples of roti kapra makan from PPP, SS ending load shedding in 6 months and dragging AZ in streets etc, and even Obama calling end to Guantanamo bay etc. All of them have made and broken promises.

 

[doorstar]

Pakistan secures $8bn package from Saudi Arabia​

Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it, an official said​

By Mehtab Haider
May 01, 2022

Crown Prince Mohammed bin Salman receives PM Shehbaz at Al-Salam Royal Palace Jeddah on April 30, 2022. Photo: Twitter/PML_N

ISLAMABAD: Pakistan has secured a "sizeable package" of around $8 billion from Saudi Arabia, including doubling of the oil financing facility, additional money either through deposits or Sukuks and rolling over of the existing $4.2 billion facilities during the visit of Prime Minister Shehbaz Sharif.

"However, technical details are being worked out and will take a couple of weeks to get all documents ready and signed," top official sources privy to the development informed The News on Saturday. Prime Minister Shehbaz Sharif and his official entourage have left Saudi Arabia but Minister for Finance Miftah Ismail is still staying there to finalize the modalities of the increased financial package.

Sharing the salient features of the financial package, the official said that Pakistan had proposed doubling of the oil facility from $1.2 billion to $2.4 billion and Kingdom of Saudi Arabia agreed to it. It was also agreed that the existing deposits of $3 billion would be rolled over for an extended period up to June 2023.

Related Stories​

• Shehbaz arrives in Saudi Arabia: PM seeks greater opportunities for Pakistani workforce
• Kashmir, Palestine issues solution must for durable peace: PM Shehbaz Sharif

"Pakistan and KSA discussed an additional package of over $2 billion either through deposits or Sukuk and it is likely that even more money will be provided to Islamabad," said official sources, adding that the size of the total package would be determined when additional money was finalized. Saudi Arabia had provided $3 billion deposits to the State Bank of Pakistan in December 2021 while the Saudi oil facility was operationalised from March 2022 whereby Pakistan was provided $100 million to procure oil. Saudi Arabia had provided a $7.5 billion package during the last tenure of the PMLN government (2013-18). Under the PTI-led regime, Saudi Arabia had provided a package of $4.2 billion, including $3 billion deposits and $1.2 billion oil facility for one year and linked it with the IMF programme.

Now Saudi Arabia has provided an enhanced financial package to Pakistan when its economy is in dire straits and the country is facing a balance of payment crisis. The country’s foreign exchange reserves held by the State Bank of Pakistan depleted by $6 billion in the last six to seven weeks and nosedived to $10.5 billion at the moment. With the rising current account deficit at $13.2 billion in the first nine months and pressing external loan repayment requirements, Pakistan requires financial injections of $9 to $12 billion till June 2022 to avert further depletion of foreign currency reserves. Pakistan will have to repay external debt servicing of $3 billion in the last quarter (April-June) of the current fiscal year.

The revival of the IMF programme is considered as imperative because the gross external financing requirement is estimated to the tune of $35 billion during the next fiscal year 2022-23 and without the backing of the programme, the huge financing gap cannot be bridged. However, independent economists, like Dr Ashfaque Hasan Khan, suggest a ban on the import of luxury cars and other unessential items for saving dollars.

Later in a tweet, Miftah Ismail said, "Just said goodbye to Prime Minister Shehbaz Sharif and other colleagues at Jeddah Airport, who are on their way to Islamabad after a brief stopover in Abu Dhabi to meet Crown Prince Muhammad Bin Zayed. I remain in SA to meet Saudi officials and start technical-level talks."

Pakistan secures $8bn package from Saudi Arabia

ISLAMABAD: Pakistan has secured a sizeable package of around $8 billion from Saudi Arabia, including doubling of the oil financing facility, additional money either through deposits or Sukuks and...

www.thenews.com.pk

nevermind 8 billion, I hear miftah bemoaning/mourning the fact that saudi prince wants the return of all the monies he lent to moron khan.

on the other hand delusional khan does not want to come back unless he is made the supreme leader and that someone else should do all the work (like it was done a few times in the past).

 

[Wood]

nevermind 8 billion, I hear miftah bemoaning/mourning the fact that saudi prince wants the return of all the monies he lent to moron khan.

on the other hand delusional khan does not want to come back unless he is made the supreme leader and that someone else should do all the work (like it was done a few times in the past).

Why do the Saudi care about $3 billion in a year of record profits for their oil company? It does not make any sense. It is not like they need the cash

 

[doorstar]

Why do the Saudi care about $3 billion in a year of record profits for their oil company? It does not make any sense. It is not like they need the cash

some suspect that the prince is asserting himself by defying amreeka (doing the exact opposite of what he is told to do)

 

[AZ1]

https://twitter.com/x/status/1522560801839718412

 

[doorstar]

some suspect that the prince is asserting himself by defying amreeka (doing the exact opposite of what he is told to do)

and yet someone else is speculting that showbazz is not amreeki choice they wanted billo raani to be crowned the queen

 

[AZ1]

https://twitter.com/x/status/1522537127552204801