Finance Minister Ishaq Dar. PHOTO: AFP
The monetary assistance contributed to a sharp recovery of the Pakistani rupee, which rose to a nine-month high of 97.40 from 105.40 against the dollar between March 4 and 12, its strongest rally in 30 years.
In a policy statement on the floor of the National Assembly, Dar said the amount was given to Pakistan with no strings attached.
The finance minister added that Pakistan will never send its troops to any country against the national interests. He said the amount was transferred in Pakistan Development Fund and would be utilised for the development projects.
The finance secretary also briefed the house, stating that there should not be any controversial debate on the issue as it might hurt the sentiments of the friendly country.
Budget
Dar said government employees should not have high expectations from the upcoming fiscal budget 2014-15, Express News reported.
The finance minister said there will be no increase in the pension and salary of state employees.
He also informed the lawmakers that they will be provided with developments funds in the new budget.
The budget for year 2013-14 saw an increase of 10 percent in the pension of retired government employees. The minimum monthly pension amount was also increased from Rs3000 to Rs5000.
However, for the first time in years, the salaries of government employees saw no change.
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There is no free lunch in international politics. $1.5B is a very large sum to be given as free "gift". It is very likely that Pakistan has just sold 20+ nuclear bombs to Saudi Arabia. There is nothing else that is of $1.5B value from Pakistan in return.
There are ways to re-pay, other than cash. You may not be aware, Mr. Dar.
"as a gift which did not have to be repaid" -- The Saudis have been overwhelmingly overcome suddenly with milk of human kindness! Bless their hearts! Sure, and Elvis is still alive and the Earth is flat!
@Parvez: There is no such thing as a free lunch……..we will pay, if not in Dollars but ….we will pay. . Since time Immemorial it is said : . YEH SAUDA NAKAD BEY NAKDI HAI - IS HATH LAY, IS HATH DAY! . Cheers
Money which does not have to be repaid, is called "alms". Pakistan has stooped to a new level.
Pakistan got the gift of $1.5 billion from Saudi. It is a gift that need not be repaid. Yet, the gift was given to Pakistan on the personal guarantee of Nawaz Sharif. Personal guarantee for what?
I was watching Hamid Gul yesterday in Aaj Tak. He revealed an interesting fact. He said that Saudis and Arabs have a term they have been using. It is Arab Sunna. To them, being an Arab matters first and being a Sunni comes next. They do not group themselves as muslims but Pakistanis think that by calling themselves muslims they have something common or some bond with Arabs. Hamid Gul's disappointment was clearly visible in his facial expressions.
There is no free lunch or gift. Relations among countries are solely based on interests. Pakistan has started sending terrorists to Syria in return.
@Ajamal: Other than cash, Pakistan should be asking Saudi Arabia & other Gulf countries, work visas It is interesting to note that millions of illegal workers were ousted from KSA however the $1.5 Billion will buy illegal non state actors/workers for another Middle East Country called Syria.
Firstly there should must be something behind this $1.5 Billion amount, No body give such a huge amount as a gift, Secondly government should at least increase salaries and pension just equal to the inflation increased during one year, Otherwise she is decreasing the salaries and pensions.
$1.5 Billion is blood money and blood money does not have to be repaid. The $1.5 billion question is who's blood money is this? It is very fundamental Watson it is for Non-state actors blood for their death in Syria. These non state actors and their family will be paid in worthless Pakistani Rupee.
Thank you Saudi Arabia, China and Bahrain for saving Pakistan!
p.s. some people will always cry but most will realize the benefits of a stable economy in the long run
Beggars never have any sense of respect.
@Ali S: Nawaz's personal interest rather. Any relationship with Saudis could only damage Pakistan further, so nothing national about it.
So why did the govt try to cover up a $1.5 Billion gift? That should tell you something. Wouldn't be surprised if the same people who covered up the "gift" profited in the currency exchange market ... that's worth investigating.
It is like telling a servant that my master given me money, money,money ha ha ha..
"Pakistan will never send its troops to any country" yes will only send non-state actors!
Other than cash, Pakistan should be asking Saudi Arabia & other Gulf countries, work visas (in place of other nationalities), preferential treatment of existing overseas Pakistanis(e.g. 2 years' iqama renewal, ban on exit visas, etc). That would result in billions for the nation instead of one time payment.
The Charles Sobhraj of Pakistan!
How about saving some money by not wasting countless billions on useless mega projects ?
"The finance minister added that Pakistan will never send its troops to any country against the national interests". Saudi national interests = Nawaz national interests.
"no increase in the pension and salary of state employees"..Only the wealth of Mr Dar and CO would be increased everything else is OK, people can live on what they are earning..
This is cruel. Why everybody thinks that only bureaucrat are only state employees. 90% of state employees are from poor or middle class families which cannot afford this inflation without an increase in salaries and like always they will come on roads putting government on halt for many days till they accept their demands hence making loss of billions to Government. Very poor decision indeed. Typical Nawaz politics.
He actually promised a substantial increase in salaries last year.He is breaking his pledge.
@Civilian: If you or your friends/relatives do nothing, it does not mean none of the state employees work. Many in govt. service work hard and they should be rewarded. No salary increase means the decrement in real income. At least, the inflation should be adjusted.
Good decision if he could implemented I think our powerful bureaucracy will force him to change his stance.
Impossible for the officers, for staff no surprise if that happens
We all know what happens to these development funds for MNAs. These funds are just a reason to give them public money to fill their own coffers! This government has no sense of innovation; it is just continuing the same pattern of corruption that it was doing in its earlier terms.
Hope this time he will stick to his word, unlike the last budget.
Govt employee make the largest no of tax payers. They include Armed Forces personnel, teachers etc. They do not deserve pay rise because they only teach our children, defend our borders., and lay their life as well. Pay rise be given to politicians who org Sind Festivals and effectively manage Tharparkar people.
@Civilian...That's why people are leaving this country and getting benefits from other countries which take care of their old people.
I hope he puts a freeze on the salary & perks given of members of parliament too. A decrease will be icing on the cake.
This is what we expect from PMLN govt. Keep shouting "Shair aaya Shair aaya"
With the rampant corruption at the senior level........even if you stop their salaries it would not make any difference.
Great news, those people who do nothing deserve nothing,,instead of increments there should be deductions..!!