ISLAMABAD: Information minister, Fawad Hussain Chaudhary, has announced that all formalities have been completed and it would follow release of $ 3 billion to Pakistan from Saudi Arabia in days. The minister confirmed it in his one of tweets released by him to the media here on Thursday.
On Pakistan’s request , Saudi Arabia had agreed to provide Islamabad a loan of $ 3 billion to help it plug off its growing current account deficit during the last visit of prime minister, Imran Khan, to Rayadh. It had also agreed to give a credit facility of $ 1.2 billion to Pakistan other than financial support of $ 3 billion for oil procurement on deferred payments. These two goodwill gestures had helped Islamabad support its currency against US dollar and control killing inflation to some extent in recent months.
Pakistan’s currency is fragile in these times due to continuous pressure on it of loans repayment. Pakistan’s economy is not emerging strong to adjust pressure of loan payments.
Saudi Arabia is always supportive of Pakistan in difficult times. Rayadh had also granted a facility to Pakistan for oil supply for three years from 1998 to 2003 when it was under huge pressure as a result of United States (US ) ban for conducting nuclear device in 1998. Pakistan survived in those hard times with support from Saudi Arabia. Now after 23 years, Pakistan is on the cross road again due to some pressure on its ecomomy for various factors like terrorism and political uncertainity at home.
Fawad Hussain Chaudhary said in his tweet that today ( Nov 25) Pakistan had more than one good news for the masses. He quoted resolution of petroleum crisis, release of $ 3 billion in a few days and conducting of a missile test in his tweet.
