Pakistan

Pakistan urges Saudi Arabia not to withdraw deposits given to SBP

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

News Desk May 04, 2022

Finance Minister Miftah Ismail has said that the government has requested Saudi Arabia not to withdraw its deposits given to the State Bank of Pakistan (SBP) and extend its oil facility for Pakistan.

Addressing a press conference in Karachi on Wednesday, he lamented former prime minister Imran Khan's government for making promises to the International Monetary Fund (IMF) which were "against the interests of the nation". "Those promises are no less than landmines," he added.

He said that Imran Khan has left the fastest growing inflation in the history of Pakistan, adding that the Pakistan Tehreek-e-Insaf (PTI) government took historic loans during its tenure.

The finance minister said that corruption was rampant during the tenure of the last regime. "Bushra Bibi's friend Farah Gogi and Shehzad Akbar left the country immediately after the PTI's government's tenure came to an end," he added.

He questioned why transfers and postings were done on the instructions of Farah in Punjab.

Miftah said that Imran Khan told the IMF that they will not take losses on diesel prices, adding that the former prime minister destroyed the China-Pakistan Economic Corridor (CPEC). "Now, we are stuck with the promises the previous government made with the IMF."

Read Miftah eyes revival of IMF programme

He further said that the IMF delegation would soon visit Pakistan.

Last month, Miftah said that the IMF had set out five major conditions for the revival of $6 billion bailout package, including the reversal of fuel subsidies and the withdrawal of the tax amnesty scheme.

The other conditions are an increase in electricity tariffs, the imposition of new taxes and ensuring fiscal savings aimed at bringing down the projected primary budget deficit of Rs1.3 trillion to the earlier agreed limit of Rs25 billion surplus, he said while speaking to journalists.

Finance Minister @MiftahIsmail addressing press conference #Karachi #APPNews https://t.co/1IlEI4F7zv
— APP 🇵🇰 (@appcsocialmedia) May 4, 2022

COMMENTS (20)

Anisul Hassan Khan | 2 years ago | Reply Stop Crying. If you are stuck up cannot coup up with the situation. Give them back. Who is forcing you.

S Butt | 2 years ago | Reply Please get money from Shahbaz Sharif and Hamza Shahbaz. They took loan of 16 Billion Rs and did not return that loan . They were in the court regarding this transaction two days before Shahbaz became PM

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S Butt | 2 years ago | Reply Why present PM and CM of Punjab are not returning their loan of 16 Billion RS excluding the interest If I include the interest amount this could be 20-30 billion RS Any response

Naeeem Khan Kansas. US | 2 years ago | Reply Don t worry your masters in Washington DC will bail you out if Saudis demand the money. After all Biden put you there and it is his responsibility to keep you propped up. Talk about corruption 60 of your Cabinet is on bail for corruption including the PM and his son in Punjab. You people has no shame but time is coming when you will be cooling your heels in the jails. Note ET I dare you to publish my comments. You people don t know what free press means.

test | 2 years ago | Reply Saudi s are not the men of their words. A man will always stand by his words not a single inch away. Back in February 2019 they promised to invest 20 billion dollars in Pakistan during Khan s tenure but then what happened to that promise. Khan s government suffered very much financially. If that 20 billion dollars had came then there would have been no need for IMF and also dollar would have been under control. Everybody know who controls Saudis. If someone pretends to be stupid throw some water at his face. Neither US and China shifted industries to Pakistan nor investment and neither they tried to import a lot from Pakistan nor there was technology transfer from US or China. Pakistan should close all its embassies world wide and push its education system along with industry to its limits and ask them to produce almost everything locally or punish those suckers and bunch of useless educationalists and industrialists. Total ban on luxury items and food items build dams and no more oil and gas. Manufacture everything inside and be a Pakistani a loyal Pakistani. Stop buying foreign products even if they are necessary that is what loyality means. I want loyality from my people my country.

Fouzi | 2 years ago | Reply If they are asking you to return the money return them. Nothing will happen extra ordinary. And for oil facility you can take it in xchange of the remittances send Pakistanis in Saudi Arabia

Kala bacha | 2 years ago | Reply Wait wait didn t you just said bringing 6 billions from ksa Now you are begging now the withdraw 3 billions. I am confused so the whole trip was Sair saPATA no business

S. Tanwir Hasan | 2 years ago | Reply So what jugglery he will perform. Miftah looking doubtful in new set up.

S. Tanwir Hasan | 2 years ago | Reply So what jugglery he will perform to get IMF loan. I have started doubting his credibility.

Shk | 2 years ago | Reply The fact that the govt needs to advertise well done shehbaz on the same page explains how well it went ..

Ismail Saadiq | 2 years ago | Reply The Saudis and IMF had figured out that Pakistan is currently run by a gang of thieves who are all on bail for corruption. The Saudis and IMF should stop giving money to Pakistan until they make necessary adjustments and stop this borrowing all the time. They should not give a penny to these crooks.

Ismail Saadiq | 2 years ago | Reply If you cannot handle the economy please resign and go home. PTI can fix it again.

Tariq | 2 years ago | Reply Increasing the price of diesel will be death of this government. It will create hyperinflation and Mifta will not survive this situation

akbar | 2 years ago | Reply go away fake government - chor and lotas

Razi | 2 years ago | Reply PM FM Accelerate indigenous oil and gas production. STOP import of luxury cars and goods. Run refineries at 100 capacity. Introduce Regular Plus Petrol for Motorcycles and cars older than 2007 model - save environment and reduce cost of production. Reduce power and gas losses.

Ashif | 2 years ago | Reply How long can we keep begging....we should reduce army s budget for 2 year...no one is attacking us...but yes they may have to reduce their comfort for the common man

S Butt | 2 years ago | Reply Confiscate all the assets of politicians who have not returned their loans back to the banks This must include the name of Shahbaz sharif and his son Hamza shahbaz Other wise Pakistan needs revolution

S Butt | 2 years ago | Reply Take all-the loans back from the politicians including 16 billion Rs from Shahbaz sharif and his son Hamza Sharif . Do not be a beggar of the world Pay your loan back Other wise you do not have any respect among nations

Mohammed sattar | 2 years ago | Reply No one believes a word you theives say even if what you say may be true.

muneeb | 2 years ago | Reply Munshi of Bhikari-e-Azam begging to the saudi govt.

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