ISLAMABAD: Finance Minister Shaukat Tarin today shared with Senate details of the agreement involving $3 billion cash loan facility from Saudi Arabia.
Saudi Arabia deposited this amount with the State Bank of Pakistan (SBP) on December 4, 2021, for a year after an agreement between the central bank of Pakistan and the Saudi Fund for Development.
Some Senators raised questions about the Saudi cash loan assistance for Pakistan and the Finance Minister answered the questions, a statement issued by Senate said.
The tenor for this loan’s return is one year and it has to be paid in a single tranche under the “Rules and Laws of the Kingdom of Saudi Arabia,” but Finance Minister said the repayment period can be extended through bilateral negotiations.
Finance Minister also said the government has given relief to people by lowering the sales tax and petroleum development levy.
Responding to a question, Finance Minister said that Pakistan has fulfilled 27 out of 28 conditions put forward by the Financial Action Task Force (FATF). He, however, stated that the FATF was coercing Pakistan under pressure from anti-Pakistan countries.
