Saudi to provide USD 4.2 bn to Pakistan; PM Imran Khan thanks Crown Prince Salman
Islamabad, Oct 27: Saudi Arabia has agreed to provide USD 4.2 billion worth of assistance to cash-strapped Pakistan to support its economy, it emerged on Wednesday after Prime Minister Imran Khan held talks with Saudi Crown Prince Mohammad bin Salman in Riyadh this week.
Information Minister Fawad Chaudhry took to Twitter to announce the assistance which came just two days after Khan paid a three-day visit to the Gulf kingdom.
Saudi Arabia's announcement supports Pakistan with 3 billion US dollars as deposit in Pakistan central bank and also financing refined petroleum products with 1.2 billion US dollars during the year, he said in a tweet.
Prime Minister Khan thanked Crown Prince Salman for the generous aid when Pakistan's economy was facing difficulties.
I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak's central bank & financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices (sic), he said on Twitter.
Prime Minister's Adviser on Finance Shaukat Tarin, addressing a press conference, said that the Saudi financial support package of USD 4.2 billion was for one year and would prove to be useful to lift pressure on the Pakistani rupee.
He said that during talks in Saudi Arabia, Crown Prince Salman expressed his happiness to extend the support to Pakistan, saying Pakistan holds a special place for the Kingdom .
Tarin stated that the Saudi package had no connection with the IMF programme, which he said would be revived.
The Pakistani currency has depreciated around 13.6 per cent since May and it is said that smuggling of dollars to neighbouring Afghanistan was the main reason for it.
In 2018, Saudi Arabia had provided USD 3 billion in cash deposits and promised a USD 3 billion oil facility to Pakistan to help its foreign exchange reserves in 2018.
However, as the bilateral relations deteriorated later, Islamabad had to return USD 2 billion of the USD 3 billion deposits.
Pakistan announced in June this year that Saudi Arabia was about to make available USD 1.5 billion oil facility per annum.
Now it has provided direct disposition assistance along with oil facilities after the visit of Khan.
The Saudi government would immediately deposit USD 3 billion in Pakistan's account for a year and keep it rolling at least until the completion of the International Monetary Fund (IMF) programme in October 2023, Dawn newspaper said.
Pakistan and the IMF had signed the USD 6 billion deal in July 2019 but the programme was derailed in January 2020 and restored briefly in March this year before again going off the track in June.
From June to August there were no serious discussions between the two sides.
In addition, the Saudi government would provide crude oil to Islamabad on deferred payments worth up to USD 1.5 billion per annum, the report said.
Breaking news
— Ch Fawad Hussain (@fawadchaudhry) October 26, 2021
Saudi Arabia announcement support Pakistan with 3 billion US dollar as deposit in Pakistan central bank
and also financing refined petroleum prodcut with 1. 2 billion us dollars during the year https://t.co/z2izW1avIT https://t.co/z2izW1avIT
I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak's central bank & financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices.
— Imran Khan (@ImranKhanPTI) October 27, 2021
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Focus on Vijay's poll promises; TVK assured 8 gm gold for women
Chennai (PTI): As the new-entrant TVK appears likely to emerge as the single largest party and form the government, the focus has now turned into actor-politician Vijay's poll promises, including 8 gm gold for marriage, which is worth about Rs 14,000 per gram (22 carat).
Vijay's assurances in the party manifesto include Rs 2,500 monthly assistance for women below 60 years, 8 gm gold for marriage and six free cooking gas cylinders a year, per family.
By 3 PM, as per EC data, Vijay's party is leading in 105 constituencies and it falls short of a simple majority (118) in the Assembly.
The actor-turned-politician also assured a quality silk saree in addition to gold for indigent brides and interest-free loans up to Rs 5 lakh for women-run SHGs. He assured corruption-free good governance if voted to power in his maiden electoral fight.
The manifesto also laid importance on education. To prevent school dropouts, mothers or guardians of children studying in government and state-aided schools will receive Rs 15,000 annually.
Vijay promised 100 special residential schools named after iconic leader K Kamaraj, credited with revolutionising education in the state, and higher education loans of up to Rs 20 lakh. The TVK founder also assured AI Ministry, AI University and AI City.
The manifesto placed a strong emphasis on agrarian welfare, too.
The party promised a full waiver of agricultural cooperative crop loans for farmers owning less than five acres of land, while those holding more than five acres will receive a 50 per cent waiver. Additionally, the party promised a Minimum Support Price (MSP) of Rs 3,500 per quintal for paddy and Rs 4,500 per tonne for sugarcane.
Addressing youth unemployment, Vijay pledged to create five lakh new government jobs and offer as many stipendiary internships. Unemployed graduates will be provided a monthly aid of up to Rs 4,000. For government employees, the party assured consideration of the Old Pension Scheme and the regularisation of contract workers, including nurses.
On the health front, he promised a drug-free Tamil Nadu. Vijay also committed to modernising hospitals, providing free annual health checkups, and introducing a Rs 25 lakh family health insurance scheme.
The manifesto also included a Rs 3,000 monthly pension for the elderly and the differently-abled, 200 units of free power, patta (land deed) regularisation, and 100 per cent piped drinking water supply for all households.
Some of the policy intereventions promised by TVK include a legal guarantee to provide essential government services like community certificates, and land pattas, within a strictly specified timeframe.
Vijay also promised doorstep delivery of governance by implementing a system to deliver services, such as ration supplies, directly to the people. He also assured that ease of doing business will be paramount to his government and promised a strict guarantee that business licences will be issued within 21 days.
Elections to 234 Assembly seats in Tamil Nadu were held on April 23.
