Saudi Arabia loaned Pakistan $1.5bn to shore up economy

Discussion in 'Pakistan' started by Blackwater, Mar 14, 2014.

  1. Blackwater

    Blackwater Veteran Member Veteran Member

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    ISLAMABAD: Saudi Arabia loaned $1.5 billion to Pakistan last month to help Islamabad shore up its foreign exchange reserves, meet debt-service obligations and undertake large energy and infrastructure projects, Pakistani officials have told Reuters.

    The Saudi assistance has contributed to a sharp recovery of the Pakistani rupee, which rose to a nine-month high of 97.40 from 105.40 against the dollar between March 4 and 12, its strongest rally in 30 years.

    “On a personal guarantee of the prime minister, Saudi Arabia has given $1.5 billion, which has helped bail out the rupee,” one senior Pakistani government official close to the deal told Reuters, requesting anonymity as he was not authorised to disclose the source and purpose of the funding.

    The governor of the Saudi central bank declined to comment, and officials gave no details of the loan terms.

    Also read: Dar’s ‘dollar dream’ comes true

    Another top official who is based in Lahore said the money went into an account known as the Pakistan Development Fund set up to channel money from “friendly countries” like Saudi Arabia and the United Arab Emirates.

    “We have a promise of a total $3 billion, of which $1.5 billion has been received so far,” the second official said. “Most recently, we got $750 million from the Saudis.”

    Pakistani Prime Minister Nawaz Sharif has long enjoyed close relations with the Saudi royal family. After his second term as prime minister was ended by a military coup in 1999, he was sent into exile in Saudi Arabia.

    Prince Alwaleed bin Talal, the Saudi financier and member of the House of Saud, has described Sharif as “Saudi Arabia''s man in Pakistan”.

    Pakistani Finance Minister Ishaq Dar confirmed on Wednesday that $1.5 billion was received under the development fund but declined to comment on the source.

    “Why do you want to expose our friends?” he told reporters. “The countries who have helped us don''t want us to disclose the source.”

    NEW FUND

    Dar announced the creation of the new fund on Feb 18, the same day Saudi crown prince and deputy prime minister Salman Bin Abdulaziz Al Saud concluded a three-day-visit to Pakistan.

    Pakistan's new army chief, General Raheel Sharif, also met King Abdullah and top Saudi military commanders during a trip to the kingdom two weeks before the new account was set up.

    Other high-profile Saudi visitors to Pakistan this year have included Saudi Foreign Minister Saud Al Faisal and Prince Salman bin Sultan, the country''s deputy defence minister.

    According to the finance ministry, gross official reserves - including the latest injection of $1.5 billion - stood at $9.52 billion on March 11. A third loan tranche of $550 million from the International Monetary Fund, expected before the end of March, will push reserves close to $10 billion.

    Related: Curious case of rupee rise

    Pakistan is expected to receive $150 million from the Islamic Development Bank in March, as well as $150-200 million under the Coalition Support Fund, reimbursements for assistance in the U.S.-led coalition''s Afghanistan war effort.

    Pakistan will also launch eurobonds of $500 million in May and plans to raise billions of dollars in privatisation revenue by June.

    An increase in foreign investment and remittances by overseas Pakistanis have also helped lift the rupee. Remittances increased by 11 percent to $10.2 billion during the first eight months of this fiscal year.

    The finance ministry has also attributed the currency's recovery to punitive action against exporters withholding export receipts abroad and warnings to foreign exchange speculators.

    Saudi Arabia loaned Pakistan $1.5bn to shore up economy - DAWN.COM
     
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  3. Blackwater

    Blackwater Veteran Member Veteran Member

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    papa saudi come to rescue again

    again pakis manage to blackmail saudis in the name of islam

    its a AID not loan, no way pakis will return it.


    when will saudis realize that they will not get anything from pakistan and they are not doing Islamic favour by Aiding pakistan for the last 67 yrs.

    infact its the pakis who de-famed islam the most
     
  4. The Messiah

    The Messiah Bow Before Me! Elite Member

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    saudis aren't idiots either...this is actually a payment to run wahani terror camps and export more terrorists because many have been butchered in syria. pakis will happily obey.
     
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  5. Prometheus

    Prometheus Regular Member

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    Pakistan, She will sleep with you for the right price

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    The Saudi Kingdom has granted $1.5b to the Nawaz Sharif government. Another such donation will accrue in due course. A quick fix of $3b is a lot of free money for Pakistan’s forex-strapped economy that is struggling to cope with significant international debt payments and a rising trade gap that is putting pressure on the rupee and fuelling inflation. Indeed, the Saudi injection has reversed the rapid fall of the rupee, proving that the finance minister, Ishaq Dar, was not bluffing when he warned exporters six weeks ago not to hoard their dollars. Why then all the hush-hush about the Good Samaritan who has eventually bailed him out?

    Significantly, the PMLN government has been at pains to hide the Saudi largesse. But after we discovered that the cause of the sudden reversal in the fortunes of the rupee was due to an uplifting shot in the arm of the State Bank, we were told not to ask about the “friendly” source and amount of funds. Then, after we found out about the donor, we were told that the Saudi “donation” was a measure of the personal relationship between our prime minister and the Saudi monarch. That is when our happy surprise turned to suspicious incredulity and the game became crystal clear.

    A clutch of high-powered Saudis, including the Crown Prince, has descended upon Islamabad in recent weeks. The prime minister and the Pakistan army chief have made unexplained flying visits to the Kingdom. In due course a joint statement or communiqué was issued from Islamabad stressing the demand for a “transitional” government in Syria while emphasizing that there was no change in Pakistan’s position on the issue. Indeed, the foreign office spokesperson, an apparently haughty lady, was quite aggressive in ticking off inquiring hacks who argued that the demand for a transitional government amounted to a veritable “regime change” in Syria and smacked of a definite policy about-turn. Mr Sartaj Aziz, the de facto foreign minister, has also executed some verbal gymnastics to try and obscure the truth. But we, the public, are not stupid or ill-informed. We are not ready to buy this story hook, line and sinker. We know there are no free lunches, let alone free feasts, in relations amongst nations. So what’s the $3b quid pro quo?

    The truth is that Pakistan has agreed to supply, among other weapons, anti-aircraft and anti-tank rockets to the Saudis. Mr Aziz says the End-User Certificate conditions will guarantee that these are not used outside Saudi Arabia. This is a load of nonsense. Why the Saudis should suddenly turn to Pakistan for these weapons when traditionally they have tapped the US and Europe has, however, given the game away. These potential game-changing weapons are clearly meant for use by Saudi-backed Wahhabi-Salafist rebels in Syria who are fighting to overthrow the Baathist secular Asad regime. The Americans haven’t supplied the Saudis because they don’t want such radical Islamist forces any more than Al-Qaeda to succeed in Syria and are therefore having serious second thoughts about regime change in Syria. Indeed, the Saudis’ sudden embrace of Pakistan portends shifting sands in the Middle-East.

    The Saudis and the Emirates-Gulfdoms are feeling insecure because of the Shia revival in their heartlands. This is because the restless Shias are sitting on their oil reserves. Iran, too, is unremitting in opposing Saudi influence. Iraq and Qatar, two competitive energy suppliers, are not playing ball either. Egypt and Libya haven’t bought into the Saudi Islamist line. Worse, the Americans are seeking negotiated nuclear solutions in Iran instead of succumbing to Saudi pressure for military action. And American self-reliance on shale gas is the first definite step against continued dependence on Saudi oil.

    On the heels of the Saudi VVIPs now comes the King of Bahrain to Islamabad. The PMLN government claims that foreign investment deals are in the offing. But the small print betrays the real motive behind “renewed manpower exports”. The Bahraini Emir wants well-trained and equipped Pakistani military mercenaries to beef up his police and security forces to repress the rising democratic impulses of the majority Shia populations. It is as simple as that.

    It is the same old treacherous story. Since independence in 1947, the Pakistani ruling classes and military establishment have lived off rents from leasing out their “services” to the highest foreign bidder instead of standing on their own feet and not meddling in other peoples business. In the 1950s, 60s and 80s, they sold their services to the Americans, first against the USSR and then against the Taliban; now, in the 2010s, they are rolling up their sleeves to stir the Middle-East cauldron at the behest of a rich “friend”. The extremist Sunni blow back from the first lease to the US in the shape of the Taliban, Al-Qaeda and Lashkar-e-Jhangvi is now primed for escalation and blow back during the proposed second lease to the Saudi-Emirates network. We are making another irrevocable blunder, so help us Allah.
    - See more at: Leasing out Pakistan ‹ The Friday Times



    Leasing out Pakistan ‹ The Friday Times
     
    Last edited: Mar 25, 2014
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  6. Compersion

    Compersion Senior Member Senior Member

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  7. Neo

    Neo Senior Member Senior Member

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    .
    So how did the Israel begging trip go this time? Give us weapons, please give is ToT because we are only a paper tiger of 1.2 billion people and need to beg you, a small and superior nation of 5 million because we have a comon enemy, the evil muslims. Please please help us with weapons and ToT :lol:
     
  8. Compersion

    Compersion Senior Member Senior Member

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    People like you and the leaders of Pakistan sure are making the people of Israel, its leaders and its well-wishers think more and and more about Pakistan. Are you sure you want to move in that direction and in the way you are going about it. Do you have any understanding what you are doing.

    Israel is not stupid and also India can take care of itself against Pakistan and if that is with Israel it is a good thing to be honest. When India and Israel are joining together against Pakistan is that weakness. The Pakis have even shown desperation by making overtures towards Israel because of its relationship with India (what was that about - it means what you say is mischievous).

    Pakistan ties with Israel? Why not, asks Musharraf | Reuters

    Look at what Pakistan is doing to make Israel look more closely. What Pakistan is doing with Saudi Arabia and Bahrain you think it is only India that is reacting. Also do not forget:

    Six-Day War - Wikipedia, the free encyclopedia

    Yom Kippur War - Wikipedia, the free encyclopedia


    Daniel Pearl - Wikipedia, the free encyclopedia

    Sandra Samuel - Wikipedia, the free encyclopedia

    (Pakis have killed and taken pleasure in killing Israel people). (* Condolences to the families and god bless them.)

    Pakistan religious political parties and militant groups fiercely oppose any relationship with Israel.

    Pakistan forbids its citizens from going to Israel, and all Pakistani passports bear the inscription "This passport is valid for all countries of the World except Israel."

    Canada Immigration Info

    :namaste:
     
    Last edited: Mar 25, 2014
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  9. Neo

    Neo Senior Member Senior Member

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    Musharraf was a very pragmatic leader, one with a vision. The days that Israel could hurt us by bombing Kahuta are over, she doesn't pose a threat anymore.

    But my compliments how well you played you victim card to join hands with the jews against your jihad against evil muslims and used Tel Aviv to get closer to US. Bravo!

    So how did the begging trip go? Any new toys on your way? :)
     
  10. Bhadra

    Bhadra Defence Professionals Defence Professionals Senior Member

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    I am happy to know an argumentative Pakistani has that belief. It will make you feel a little safer and dig less tunnels in Chegai... and POK...

    Your Kahuta, unfortunately, is under danger today from host of your own Jihadists. Israel does not have to bother if Jihadies will suffice to destroy your dreams.

    May be one day you will employ Israeli commandoes and Indian troops to guard your Kahuta !!
     
  11. trackwhack

    trackwhack Tihar Jail Banned

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    Al Beggistan making more sense than A Bakistan now.
     
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  12. Neo

    Neo Senior Member Senior Member

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    Well even your own Generals admitted that nukes are safe in Pakistan and Pakistan scores better in nuclear security ranked at 22nd place. So better worry about your own nukes and more than 100 serious insurgencies and the possibility of Indiam Mujahideen joining hands with the Talibans in near future.

    .
    Ohh you already saw that dream scatter when you backed off from an Israeli attempt to attack Kahuta. :lol:

    FYI, Kahuta is an assett but we have better and diverse facilities now well spread all over the country.
     
  13. Bhadra

    Bhadra Defence Professionals Defence Professionals Senior Member

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    You are very illinformed...

    India has a formal treaty with Pakistan not to attack Pakistani nuclear facilities....

    India-Pakistan Non-Attack Agreement | Treaties & Regimes | NTI

    Tell me where other you have nuclear assets so that I will supply that list to government of India ??

    India have given you so many guarantees but still you are so paranoid...
     
  14. Neo

    Neo Senior Member Senior Member

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    That tteaty was signed much later. Israel tried to attach Kahuta and needed India's military cooperation but you backed off.
     
  15. Compersion

    Compersion Senior Member Senior Member

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    I am surprised that you are unable to comprehend "begging". Especially assuming you are a Paki. That is a trait that is assigned and attributed to Pakistan and Paki people. For the new toys it would be good to hear more about that like joint ventures, joint collaborations, and items paid with due consideration in terms of description and continual intended use in the direction of intended victim (and warranty on such). What have you heard (please do share) ...

    Chief of the Army Staff of the Republic of India Visits Israel

    Also have to agree with you a little about Musharraf but after his latest return to the land of Pakistan (after enjoying the pleasure of overseas) and the subsequent miscalculation the "pragmatism" might not be the right label but "mischievous" and able to "comprehend threats with (strategic) intuition up to 2007 - 2008". After 2008 he lost the plot. He became military dictator not for reason of uplifting Pakistan but to safeguard himself and his ensemble. Somesay he "fixed" the nuclear doctrine and direction of Paki nuclear policy and weapons. But knowing Pakistan such things are misplaced and short-lived since they are technical and difficult to comprehend and implement (like international law).

    [​IMG]

    [​IMG]

    (If you notice the second image - he is running away - what does that imply on the institution and respect of Pakistan - absolutely pragmatic)

    Him doing any good for Pakistan was done with the intention of using it in the future to use in his defense when people realized he is mischievous. And here is the important words - he knew he would be targeted at some point in time and that means he knew and knows that he is culpable and at fault.

    Also its a bit funny whenever Pakistan faces any strain you will hear him speak like he is some messiah and he is the only one who knows what is good for Pakis.

    With reference to Israel that is what it was - Musharraf was being mischievous in intent and the character and it is for the Israel people and leaders to determine if it is worth. India respects Israel and that relationship is much more compared to some mischievous fortunate dictator (up to 2007 - 2008) that tried to cause trouble. India and Israel relationship is much more comprehensive and far-reaching and strategic in flavor and intention.

    Six-Day War - Wikipedia, the free encyclopedia

    Yom Kippur War - Wikipedia, the free encyclopedia

    Daniel Pearl - Wikipedia, the free encyclopedia

    Sandra Samuel - Wikipedia, the free encyclopedia

    It is a fact that Pakis have killed and taken pleasure in killing Israel people.

    Also pakistan religious political parties and militant groups fiercely oppose any relationship with Israel.

    Pakistan forbids its citizens from going to Israel, and all Pakistani passports bear the inscription "This passport is valid for all countries of the World except Israel."

    Does Pakistan have any understanding what they are doing.
     
    Last edited: Mar 25, 2014
  16. Bhadra

    Bhadra Defence Professionals Defence Professionals Senior Member

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    How lucky...

    Oh tell me where did you meet one...

    They are a very rare and specific commodity in India and are kept under lock and key !!
     
  17. thethinker

    thethinker Senior Member Senior Member

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    Trend for insurgencies is actually diminishing, sorry that it may come as a disappointment for some. After the elections, there will be much more interesting developments on this front.


    India Assessment 2013

    For the first time since 1994, the year 2012 registered a total number of terrorism and insurgency linked fatalities across India in the three digits – at 804, as against 1,073 in 2011 and a peak of 5,839 in 2001. The trend of sustained decline in such fatalities has been near-unbroken since 2001 (with a marginal reversal in 2008), giving tremendous relief to theatres of persistent violence. The most prominent among these is Jammu and Kashmir (J&K), which has been wracked by a Pakistan-backed Islamist terrorist movement since 1988, with a resultant total of 43,439 fatalities (till March 10, 2013). J&K recorded 117 fatalities in 2012, down from 183 in 2011; and a peak of 4,507 in 2001.

    Pakistan-backed Islamist terrorist attacks outside J&K also registered a remarkable drop, with just one incident – a low intensity blast in Pune (Maharashtra) on August 1, with no fatalities – recorded through 2012. Forty two such fatalities had occurred in four incidents in 2011, , and a recent peak of 364 killed in seven incidents in 2008.
     
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  18. Neo

    Neo Senior Member Senior Member

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    Who is the worlds biggest importer of arms? Wait....that's India!! Begging the world to give them weapoms because they suck developping them.
    Yes, Al Beggistan would make more sense. :)
     
  19. Bhadra

    Bhadra Defence Professionals Defence Professionals Senior Member

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    It is well known that most of the people on earth survive on half truths of propaganda and advertisement. But you Pakistanis remain under all lies and darkness of stark indoctrination.....
     
  20. Neo

    Neo Senior Member Senior Member

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    They give interviews you know, you need to read more about what your generals say. :)
     
  21. Neo

    Neo Senior Member Senior Member

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    Can't help delusional nation see her blunders. Maybe some day one of your own generals will write a book revealing misadventures of your government.
     

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