No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
No Result
View All Result
No Result
View All Result

Saudi $3 billion loan has to be returned within a year, reveals Tarin during Senate session

News Desk by News Desk
February 11, 2022
in Business, Featured, Latest News, National, Politics, Top News
Reading Time: 1 min read
Saudi $3 billion loan has to be returned within a year, reveals Tarin during Senate session
Share on FacebookShare on Twitter

ISLAMABAD: On Friday, the Minister of Finance Shaukat Tarin revealed the details about the $3 billion loan from Saudi Arabia during the Senate session. According to his statement, the loan has to be returned within a year’s time.

The loan was transferred to the State Bank of Pakistan (SBP) after a successful agreement with Saudi Fund for Development (SFD).

Under the agreement, Pakistan was to receive worth $100 million per month from the Saudi Fund Development (SFD) to purchase the petroleum products over the span of one year. The purchase was proposed to be done on deferred payments. Of the total $3 billion loan, $1.2 – $1.5 billion was delegated to purchase petroleum products.

Tarin added that the Saudi government could ask for the loan back in case Pakistan defaulted.

However, he also gave assurance that it would not come down to that. He also commented on the surge in oil prices, stating that the government had tried to safeguard citizens from the effects of increase in petroleum products in the international market.

Regarding the Financial Action Task Force (FATF), the finance minister informed about the completion of 27 conditions of the total 28 tasks. He said that at the upcoming review, Pakistan would hopefully upgrade its status from the grey list.

Related

News Desk

News Desk

Related Posts

Amir, Shaheen, Wahab and Wasim on fast bowlers in HBL PSL
Latest News

Amir, Shaheen, Wahab and Wasim on fast bowlers in HBL PSL

February 6, 2023
Fakhar, Haris and Sharjeel on making of aggressive openers
Latest News

Fakhar, Haris and Sharjeel on making of aggressive openers

February 6, 2023
Earthquake Turkiye Syria
Featured

Earthquake of over 7 magnitude jolts Turkiye and Syria

February 6, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

Amir, Shaheen, Wahab and Wasim on fast bowlers in HBL PSL

Amir, Shaheen, Wahab and Wasim on fast bowlers in HBL PSL

by Press Release
February 6, 2023

LAHORE: The HBL Pakistan Super League has been synonymous with high-quality fast bowling since its inception in 2016. A distinct...

Fakhar, Haris and Sharjeel on making of aggressive openers

Fakhar, Haris and Sharjeel on making of aggressive openers

by Press Release
February 6, 2023

LAHORE: One of the most crucial aspects in T20 cricket is to start strongly as gaining an early momentum in...

Earthquake Turkiye Syria

Earthquake of over 7 magnitude jolts Turkiye and Syria

by Zain Aijaz
February 6, 2023

ANKARA/DIYARBAKIR: On Monday, an earthquake of 7.9 magnitude jolted North-West Syria and Central Turkiye. Several buildings collapsed in the region;...

Pakistani rupee reaches to historic low of Rs276 against US dollar in interbank market

Pakistani rupee reaches to historic low of Rs276 against US dollar in interbank market

by Zain Aijaz
February 3, 2023

KARACHI: With each passing day, the Pakistani rupee is losing its value in the currency market. Not only that but...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8

Copyright © 2022 The Upcut. All rights reserved.