ISLAMABAD: The Senate was informed on Friday that Pakistan will start using the Saudi oil facility on deferred payment from next month.
Responding to a question, Minister for Finance Shaukat Tarin disclosed the details of the agreement under which Pakistan had received funds worth $3 billion from Saudi Arabia.
Tarin said the government has tried not to pass on to the people the full burden of international increase in petroleum products. He said the government reduced the sales tax and levy on petroleum products to provide relief to the masses.
The finance minister said the foreign exchange reserves of State Bank of Pakistan have increased over the last one year which will help reduce pressure on the rupee.
He said Pakistan received $3 billion from Saudi Arabia in December 2021 for a period of one year at 4 percent interest rate to be paid quarterly. He said the country’s exports and remittances are increasing whilst the trade deficit reduced by $1.5 billion last month.
Responding to a supplementary question, the Finance Minister said Pakistan has met 27 out of 28 conditions of the Financial Action Task Force (FATF). He said we have fulfilled our targets and hoped the country will come out of the grey list in the next review meeting.
READ MORE: Saudi Arabia agreed to provide oil on deferred payments to Pakistan: Minister
Minister for Science and Technology Shibli Faraz told the house that Punjab and Khyber Pakhtunkhwa governments have started important projects for the provision of clean drinking water. He said Capital Development Authority and Pakistan Council of Research in Water Resources have collectively started a project for recharging groundwater level.
Minister of State for Parliamentary Affairs Ali Muhammad Khan said several projects worth billions of rupees have been launched for the development of Balochistan and Gwadar.
Leader of the House in the Senate Shahzad Waseem regretted the silence of international human rights over the rising religious hatred and extremism in India. Alluding to the harassment of a Muslim girl wearing hijab in Karnataka, he said the worst form of Islamophobia is being seen in India which poses threat to peace and stability.
Shahzad Waseem said that Pakistan wants cordial relations with all the countries including the United States. He said the government is maintaining channels of communications with the United States and categorically stated that Pakistan is not part of any camp.
Senator Sherry Rehman of PPP strongly condemned the banning of Hijab in India and urged international organisations to take notice. Jamaat-e-Islami’s Senate Mushtaq Ahmad commended the Indian Muslim women for standing up against the Hindutva policy.
