Saudi package has no connection with IMF program: Shaukat Tarin

ISLAMABAD (92 News) – Finance Minister Shaukat Tarin has said that the Saudi package has no connection with the IMF programme.

Addressing a news conference along with Minister for Energy Hammad Azhar in Islamabad today, he said that Saudi financial support package of 4.2 billion dollars is for one year and will prove to be useful, especially when rupee is under pressure and international oil prices are soaring.

Shaukat Tarin said that the package includes three billion dollars in deposits with State Bank of Pakistan and 1.2 billion dollars’ worth of oil supplies on deferred payments. “During the talks in Saudi Arabia, Crown Prince Mohammad Bin Salman expressed his happiness to extend the support to Pakistan. Saudi Crown Prince said Pakistan holds a special place for the Kingdom.”

The minister said that the Saudi package has no connection with the IMF program. “The IMF will also revive its loan facility for Pakistan as it will have a positive impact on our market.”

In his remarks, Minister for Energy Hammad Azhar said that our oil prices are lower in the world except the ones producing oil. “To keep the prices on the lower side we have given tax exemption of four hundred and fifty billion rupees. It is expected that the commodity prices will see declining trend in the next six months and the benefit will be passed on to the masses.”