IDB to provide Pakistan $4.5b worth of oil: finance ministry

[Shahzaz ud din]

IDB to provide Pakistan $4.5b worth of oil: finance ministry
By Irshad Ansari
Published: January 26, 2019
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PHOTO: ONLINE

ISLAMABAD: The Islamic Development Bank (IDB) will provide a three-year $4.5 billion oil financing facility to Pakistan, the finance ministry announced on Saturday.

The IDB had activated the facility for Pakistan in July 2018 and, according to a finance ministry spokesperson, the financial institution would provide Pakistan $1.5 billion worth of oil on deferred payment each year.

The spokesperson added that oil worth $100 million have already been received in the first phase of the assistance programme, with $270 million worth of supplies scheduled for the second phase.
The finance ministry official also hinted at a similar deal with the IDB for the supply of Liquefied Natural Gas (LNG), stating that talks were underway to finalise an agreement in this regard.

Assistance from friendly countries

The ministry further said that oil supply agreements with Saudi Arabia have been formalised and Pakistan would be able to avail oil on deferred payments from Riyadh starting mid-February.

The official added that discussions are being held to iron out a similar facility with the United Arab Emirates (UAE).
The development comes a day after the State Bank of Pakistan received the last tranche of $1 billion from Saudi Arabia.

The inflow marked back-to-back receipt of $1 billion deposits in SBP foreign currency reserves for the second successive day, under the friendly countries’ economic assistance package.

On Thursday, UAE deposited $1 billion under its recently announced $3 billion cash programme for Pakistan.


Read more: Islamic Development Bank , Latest , Oil supply

 

[Pakistansdefender]

Saudis have really opened their heart for Imran khan government.
Thanks to them.

No comments here....

 

[The SC]

Saudis have really opened their heart for Imran khan government.
Thanks to them.

No comments here....

They have always done it for Pakistan.. not for Imran Khan in particular..

 

[Indus Pakistan]

They have always done it for Pakistan.. not for Imran Khan in particular..

True, but the scale of this help to PM IK's government is altogether at another level. We are talking over $15 between KSA, UAE, IDB and this is without Qatar where we know talks are taking place. And most of these facilities will extend at least over 3 years. You do the maths of that? We could be looking at figures north of $30 billion which is in CPEC category.

 

[The SC]

True, but the scale of this help to PM IK's government is altogether at another level. We are talking over $15 between KSA, UAE, IDB and this is without Qatar where we know talks are taking place. And most of these facilities will extend at least over 3 years. You do the maths of that? We could be looking at figures north of $30 billion which is in CPEC category.

True, plus another $20 bullion in direct investments like in Oil refineries that are very long term and good job creators..
Imran Khan government has stepped up measures against corruption as he promised during the elections and even before that.. he has proved to be trustworthy.. hence the pouring in of more than $50B from close friends who care a lot about Pakistan..since they know that the West and their banks would help only with a view to still weaken Pakistan on the long term.. now their loans will be secondary and with no negative effects for Pakistan's economy..

 

[nahtanbob]

True, but the scale of this help to PM IK's government is altogether at another level. We are talking over $15 between KSA, UAE, IDB and this is without Qatar where we know talks are taking place. And most of these facilities will extend at least over 3 years. You do the maths of that? We could be looking at figures north of $30 billion which is in CPEC category.

first all of them are loans
second china is nowhere to be seen
third KSA, UAE, Qatar are American allies

 

[Khanate]

first all of them are loans
second china is nowhere to be seen
third KSA, UAE, Qatar are American allies

Fourth, none of that matters.

Pakistan's relationship with KSA, UAE and Qatar is independent of US. Besides, President Trump is a deal maker. He didn't flinch when he threw India under the truck for peace in Afghanistan. China? Ever heard of CPEC?

True, but the scale of this help to PM IK's government is altogether at another level. We are talking over $15 between KSA, UAE, IDB and this is without Qatar where we know talks are taking place. And most of these facilities will extend at least over 3 years. You do the maths of that? We could be looking at figures north of $30 billion which is in CPEC category.

I give it a week before you return to "Ummah Chummah".

 

[nahtanbob]

Pakistan's relationship with KSA, UAE and Qatar is independent of US.

so you think

 

[Cash GK]

first all of them are loans
second china is nowhere to be seen
third KSA, UAE, Qatar are American allies

they have learn the lesson from usa after they say russian safes basarath al assaed. now they realized usa is not trust worthy and only country will stand for them is pakistan if pakistan goes down then they will be goner..so arabs big minds want to come out of this US blackmailing. they finally know that USA creat difference among them to sale the weapons..pakistan is there all weather friend when it comes to man power and last three years our achievements in defence sectors make them understand we are the power to recognize in asia..

 

[Maxpane]

thank you KSA for your help

 

[Hakikat ve Hikmet]

Fourth, none of that matters.

Pakistan's relationship with KSA, UAE and Qatar is independent of US. Besides, President Trump is a deal maker. He didn't flinch when he threw India under the truck for peace in Afghanistan. China? Ever heard of CPEC?




I give it a week before you return to "Ummah Chummah".

Your nemesis are on fire, which is their trait both in this Dunya and Ahiret...

Pak, herself in the dire straits, has gone for the defense of the Haremain!!! Now, the Muslim folks are defending her....

 

[ejaz007]

So present government will ad another USD 30 billion to our foreign debt and that to in 3 years.

 

[Khanate]

so you think

Read: Taliban sources say Baloch militants won’t be allowed to use Afghan soil to target Pakistan (TRT / Reuters)

Just like I said,

Pakistan's relationship with KSA, UAE and Qatar is independent of US. Besides, President Trump is a deal maker. He didn't flinch when he threw India under the truck for peace in Afghanistan. China? Ever heard of CPEC?

 

[IceCold]

Fourth, none of that matters.

lol! I dont know what is that hard for him to understand that being US allies does not mean you become an enemy to Pakistan unless you are India. These countries have been US allies but before that they have been Pakistan's ally and Pakistan contribution towards safeguarding the kingdom and uplifting of their own capabilities is far more than anyone's else. It was due to successive bad government of Pakistan that made these allies somewhat disavow of Pakistan but that is changing fast now with IK and PTI led government.
@nahtanbob as i told you in another thread just wait and watch.
PS when you state as US allies you make it sound as if we are US enemies. Guess what we are not, our interests differed in Afghanistan and we will not be allies against China but that does not mean we become enemies. US is our largest trading partner and there are talks of FTI with Pakistan. Guess you dont do that with enemies. US has finally understood what Pakistan was saying all along. There was no military solution to Afghanistan. People like you need to wake up and smell the coffee. World is changing while you lot are still stuck with Osama and Abbattoabad and Haqqani.

 

[Samlee]

Good News