Saudi Arabia is not in favor of providing oil borrowing facility again, Secretary Economic Affairs Division – Business & Economy

In a briefing to the Standing Committee on Economic Affairs of the National Assembly, the Secretary of the Economic Affairs Division said that this year, Pakistan has a plan to roll over a loan of 9 billion dollars from Saudi Arabia and China, while Saudi Arabia is in favor of providing crude oil on loan again. Not full. While the committee sought details of projects involving delayed external financing in the next meeting.

The meeting of the Standing Committee on Economic Affairs of the National Assembly was chaired by Atif Khan, Secretary Economic Affairs said in the briefing that the government does not have enough resources to provide employment to the people nor do they have the resources to change the financial conditions of the people. They take loans which are guaranteed by the government.

Explaining the details of the loans, he said that one is the loan that the government itself is taking from the banks, the other is the loan that is guaranteed by the government, many government departments take loans that are guaranteed by the government.

Committee member Javed Hanif said that many NGOs are receiving funding from foreign countries, everyone knows why funding is coming from Saudi Arabia and Iran. We have created online facility for NGOs, we have simplified the process of bringing funding for NGOs, our aim is to keep the dollars coming in the country in the current situation, the government does not have enough resources. To give employment to the people, the government does not have the resources to change the financial conditions of the people.

Terrorists do not receive funding under the cover of NGOs

Committee member Bilal Azhar Kayani said that funding to terrorists does not come under the cover of NGOs, to which the Secretary Economic Affairs replied that we are fully investigating NGOs, NGOs to work in Azad Kashmir. requires special permission, there was one NGO that was not getting any office, the redressal committee looks at all the NGOs.

‘Saudi Arabia not willing to provide loan oil facility again’

Economic affairs officials said that there is a plan for funding from Arab Coordination Group and Qatar Fund for Development for Diamarbhasha Dam, they are in contact with Arab Coordination Group and Qatar Fund for Development for funding, external financing arrangement for Diamarbhasha Dam this fiscal year. It will be done, there is a plan to roll over the debt of 9 billion dollars from China and Saudi Arabia this financial year. This financial year Pakistan has to pay more than 20.8 billion dollars, this financial year will get 500 million dollars loan from Islamic Development Bank for oil, commodity, Saudi Arabia again did not support to provide oil loan facility.

Pakistan has so far received 3 billion dollars under the Geneva Donor Conference

The committee was told that under the Geneva Donor Conference, Pakistan has so far been able to get $3 billion, $50 to $600 million of the $3 billion is grants and the rest is debt. There are assurances, one billion dollars is likely to be received from the World Bank for the Dasu Hydropower Project in the current fiscal, EAD officials said that the deadline for completion of the first phase of the Dasu Hydropower Project is 2027, all NG across the country. There is no monitoring mechanism for OZ projects, and NGO funding is monitored to ensure that it is not used for terror financing.