Pakistan to get $3b from Saudi Arabia in two days
Advisor to PM on Finance and Revenue Shaukat Tarin said that the International Monetary (IMF) debt program will be resumed soon but refused to give any timeframe.
“The deal with the IMF will be signed soon, don’t ask when,” said Shaukat Tarin on Monday.
The advisor admitted that the rupee has devalued. The rupee, however, will regain its value once the IMF program is signed, he said.
Tarin said that the IMF has five set pre–conditions for the resumption of loan program.
Pre-conditions include making the State Bank of Pakistan independent and ending all exemptions, tax holidays and incentives.
Experts believe that the recent hike in electricity and petroleum prices were done on the IMF’s demands,
Pakistan has been in talks with the international lender for restoring the IMF’s $6 billion debt program and the release of the next tranche of $1 billion.
Responding to a question, Shaukat Tarin assured that there will be no more increase in the price of electricity.
I don’t want to say anymore, please try to understand, he said. “There are many prior actions required.”
He said that the law ministry is finalising the bills regarding the State Bank of Pakistan and tax exemptions.
According to the agenda of the joint session of the parliament to be held on November 17, 2021, the government plans to table the State Bank of Pakistan banking services corporation amendment bill 2021 on Tuesday, November 18.
Advisor to PM on Finance and Revenue Shaukat Tarin has said that Pakistanwill receive the $3 billion dollar from Saudi Arabia in next two days.
Supply of oil from Saudi Arabia on deferred payments will also start soon, he added.