Saudi Arabia expected to extend bailout package of $15 billion to Pakistan's highly indebted energy sector. DESIGN: ESSA MALIK
KARACHI:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the Saudi Arabia’s offer to bail out Pakistan from its ongoing energy crisis. Saudi Arabia is expected to extend a bailout package of about $15 billion to Pakistan’s highly indebted energy sector by supplying crude and furnace oil on deferred payment.
President FPCCI, Zubair Ahmed Malik, said that it was heartening to know that Saudis had been taking reasonable interest in helping out the incoming government led by Nawaz Sharif.
Previously in 1998, Saudi Arabia extended a similar special package to Pakistan after it was imposed with sanctions following its nuclear tests, providing Pakistan with $3.5 billion worth of oil on deferred payment.
Published in The Express Tribune, May 26th, 2013.
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where are those who says iran is better than saudia may be trolling in tehran hahahahah
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great But still it will be a temporary solution. However this will decrease the demand of the dollar and also arrest the slide of rupee Devaluation of rupee will automatically increase the debt burden. Will KSA accept the payment in rupee instead of dollar on deferred payment basis?