Pak receives second USD 1 billion bailout package from Saudi Arabia
Islamabad, Dec 14: Cash-strapped Pakistan on Friday received USD 1 billion from its close ally Saudi Arabia as part of a second bailout package to boost the country's dwindling dollar reserves, according to media reports.
The latest package has shored up the central bank's foreign reserves, hitting the USD 9.4 billion mark, said State Bank of Pakistan Spokesman Abid Qamar.
He said another Saudi financial package was expected in January next year, Dawn newspaper reported.
In October, Saudi Arabia agreed to provide Pakistan USD 3 billion in foreign currency support for a year to address its balance-of-payments crisis.
During Prime Minister Imran Khan's visit to Saudi Arabia on October 23, it was announced that the oil-rich country will provide a USD 6 billion package to Pakistan to support its ailing economy.
The package included USD 3 billion balance of payments support and USD 3 billion in deferred payments on oil import.
Pakistan received the first tranche of USD 1 billion from Saudi Arabia on November 9.
According to figures shared by Prime Minister Khan in October, the country's total foreign debt has surged to Rs 30,000 billion within the last decade, while circular debt has reached Rs 1,200 billion, the report said.
The ruling Pakistan Tehreek-e-Insaf (PTI) government has also approached China, the UAE and the International Monetary Fund (IMF) to seek packages to support the economy.
The second Saudi instalment will bolster Pakistan's foreign exchange reserves, which fell to USD 7.3 billion in the week ended December 7, the lowest in more than four and a half years.
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Russia always ready to supply crude oil to India: Envoy
New Delhi (PTI): Russia has always been open to supplying crude oil to India, Russian Ambassador Denis Alipov said on Thursday, amid increasing concerns over spiralling prices of petroleum products in view of the West Asia crisis.
Global oil and gas prices have surged after Iran has virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas).
India imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement. These mostly come via the Strait of Hormuz.
Any prolonged instability in West Asia is set to be detrimental to India's national interests as the region remains a major source of New Delhi's energy security.
"We have been open to supplying crude oil to India," Alipov told reporters while responding to a question on Russian crude oil supplies to India in view of the West Asia crisis.
The US launched military strikes on Iran on February 28, killing Iranian Supreme Leader Ali Khamenei.
Following the military offensive, Iran has carried out a wave of attacks mainly targeting Israel and American military bases in several Gulf countries including the UAE, Bahrain, Kuwait, Jordan and Saudi Arabia.
In the last three days, the conflict has widened significantly with attacks and counter-attacks by both the sides.
India's procurement of crude oil from Russia has seen sharp fall in the last few weeks.
US President Donald Trump, while announcing a trade deal with New Delhi last month, claimed India has agree to not procure crude oil from Russia.
In an executive order, Trump had rolled back an additional 25 per cent tariffs on India that he imposed in August last for India's procurement of crude oil from Russia.
In the order, the US said it would monitor whether India resumed Russian oil purchases directly or indirectly and that would determine whether a 25 per cent tariff would again be re-impose.
India has been maintaining that it will procure oil from multiple sources and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement.
