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| January 8, 2003 | Wednesday | Ziqa’ad 4, 1423 |
Extension in Saudi oil facility likely
ISLAMABAD, Jan 7: Advisor to Prime Minister for Finance and Economic Affairs, Shaukat Aziz, has said that negotiations are under way to extend the 1998’s Saudi Oil Facility and a final decision in this connection was awaited.
Speaking in a PTV programme News Night late on Monday night Aziz said that a team of petroleum experts was leaving for Saudi Arabia to hold technical discussions.
Responding to a query regarding the low Saudi investment in Pakistan Aziz said, it was the ratio of return which attracted foreign investment which remained unfavourable in the past.
However, the economic indicators in the country have started moving in a positive direction and the volume of foreign investment, including that of Saudi Arabia, would hopefully increase in days ahead, he said.
He said given the present global conditions the time is ripe to attract maximum Middle East investors.
To a question he said, the indicator of foreign investment was already moving in a positive direction as an investment of half a billion US dollars has come during the last six months.
He also said the rate of interest in National Saving Schemes had been reduced to check the budget deficit, however, steps have been initiated to compensate the pensioners; they being the main affected clients.
A scheme has been evolved in this regard which would hopefully be announced during the current month, he added. —APP
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