ISLAMABAD; Pakistan on Saturday officially acknowledged Saudi Arabia has formally accepted its request for supply of oil on deferred payments.
Finance minister, Shaukat Tareen, flanked by prime minister’s advisor on Revenue, Dr Waqar Masood Khan, made a formal acknowledgement at a post budget press conference held here on Saturday.
Pakistan was desperately urging Saudi Arabia for restoration of oil supply facility on deferred payments . Saudi Arabia usually grant Pakistan the facility of oil supply on deferred payments to give it relief on payments, but it stopped this facility for Islamabad last year on some grounds. Although , Islamabad did not divulge any reason that led to suspension of oil supply to it on deferred payments by Saudi Arabia ,but it kept on struggling for resumption of the facility.
Saudi Arabia is a.leading destination for Pakistan for import of $ 16 billion worth oil for its domestic consumption annually.
Now restoration of oil supply by Saudi Arabia will have very positive impact on Pakistan’s economy , besides reducing its dependence on other countries for supply of oil.
Shaukat Tareen told the mediamen at the post budget briefing that there will be no mini budget in 2021-22 and the government is taking out of the box measures to increase income. He said the government will not add more burden on the salaried and low income group and rather would workout a new strategy to collect more revenue from businesses . He said low income group and salaried class will be given concessional loans for building houses to live in. Likewise, Shaukat Tareen promised to provide loans up to Rs 0.5 million interest free for promotion of small businesses .
Dr Waqar Masood Khan said increased revenue collection in the outgoing fiscal year was an indication of growth in all key sectors of the national economy.
The advisor told a questioner that Pakistan and International Fund (IMF) have the same goal of stablising the former’s economy through growth and development. He gave credit of substantial increase in tax collection in outgoing fiscal year to FBR.