Photo from February 15, 2014 shows Crown Prince of Saudi Arabia, Prince Salman Bin Abdulaziz Al-Saud being received by Prime Minister Nawaz Sharif upon his arrival in Pakistan for a three-day official visit.—APP photo
Photo from February 15, 2014 shows Crown Prince of Saudi Arabia, Prince Salman Bin Abdulaziz Al-Saud being received by Prime Minister Nawaz Sharif upon his arrival in Pakistan for a three-day official visit.—APP photo

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.


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Comments (100) Closed




AHA
Mar 13, 2014 07:00pm

International press is reporting that the moment Iran develops its atom bomb, Saudi Arabia will buy atom bombs from Pakistan.

Maybe this is the token money.

Faisal Alam
Mar 13, 2014 07:20pm

Now what did the Sharifs sell to Saudis this time?

Khalil Anwer Hassan
Mar 13, 2014 07:21pm

There is no such thing as a "free lunch" in international relations, which are always based on reciprocity. What has Pakistan agreed to give in return? That is the question !.

mike ghaous
Mar 13, 2014 07:21pm

.Good news.Saudis are having some strategic issues in the region, US has reservations on Saudi strategic plans in the region & Saudis have options. The $ recovery is dramatic, good job Nawaz & his team.Hopefully the AWAM get the break they need so desperately.

Jhagra
Mar 13, 2014 07:24pm

@Faisal Alam: Sharif sold Pakistan's stance on Syria. Very unfortunate.

Kortaze
Mar 13, 2014 07:28pm

@Khalil Anwer Hassan: Not a riddle. Syrian diplomacy.

Masood
Mar 13, 2014 07:52pm

What was sold?

pakiboy
Mar 13, 2014 07:54pm

@Faisal Alam: pakistan ..

Waqar
Mar 13, 2014 07:59pm

What are the proofs that Government is ready to give geographical dividend to Saudia Arabia? All of these are just typical speculations and cynical approach by us. But I must say we should appreciate if something occur in Pakistan favor instead of start keep criticizing. Be positive and optimistic.

Zaheer
Mar 13, 2014 08:03pm

Well, "he who pays the piper calls the shots" and this seems to be the case here and the payment is for cancelling the Iran gas pipeline deal. Further, it is to dissuade Pakistan from developing any kind of close relationship with Persia next door and instead look towards Arabia-we can be thus certain that the proxy wars being fought on the soil of Pakistan will not end any time soon. And now that the second Afghan war is coming to an end,and with the impending departure of foreign forces, there will be a vacuum - and once again we are being asked to fill in and help our friends with the cleaning up of the mess like the last time-which means that for Pakistan there is no end in sight to the Thirty long years of war. With friends (masters) like these who needs enemies.

Ha ha ha
Mar 13, 2014 08:10pm

1.5 Billion Dollars?

Peanuts.

Aysha
Mar 13, 2014 08:18pm

Get ready for more talibanization and madrassas in Pakistan. Saudi is spreading its version of Islam by using money. Use of religion is the easiest way to control the masses and Nawaz will be happy to do that. As Karl Marx rightly said, " religion is opium for masses". Looks like CII in pakistan is also supported by Saudis.

Adil Farooq
Mar 13, 2014 08:19pm

To help them arm Syrian rebels!!? Do they not realise the foreign policy repercussions?

ghayyas
Mar 13, 2014 08:20pm

we are begging again instead of raising taxes on the rich and checking corruption. shame on us.

Syed Ahmed
Mar 13, 2014 08:32pm

I hope the Saudi loan is not in exchange of two active Divisions of Pakistan Army. Saudi can be helped but not at the cost of Pakistan's security. Best can be to raise two Divisions out of the ex-service men and sent to Saudi Arabia.

shahid
Mar 13, 2014 08:46pm

Nawaz league ne kia khoob tamasha lagaya. First they celebrated a sudden unexplained lift in the rupee value and tried to show it as a big economic success - and without the mention of the Saudi funding as the reason for it. Now they are slowly disclosing the funding but still not telling the nation the full story behind it, what are the conditions etc. As usual they left the public to speculate on the reasons and conditions for this loan or aid whatever it is. What a great leadership we got!

gerry d'cunha
Mar 13, 2014 08:57pm

@Aysha: you are 100% right in your comment: Saudi is spreading its version of Islam by using money. Use of religion is the easiest way to control the masses and Nawaz with the help of fundamental religious parties will be happy to do that. more talibanization and madrassas in Pakistan will flourish in the coming years.

Haider
Mar 13, 2014 09:04pm

@Aysha:

touch

YR
Mar 13, 2014 09:11pm

In response to some negative comments below. What is wrong with the Saudis giving a loan to Pakistan? Its about time they did something for a "brother" Islamic country. Hopefully they will also write it off.

Karachi Wala
Mar 13, 2014 09:18pm

"Saudi Arabia loaned Pakistan $1.5bn to shore up economy..."

What about billions being given to madrassah culture, JI, TTP and licence to kill Pakistani citizens?

Khangul
Mar 13, 2014 09:19pm

The dramatic surge in the value of our currency over the past few days made me wonder what miracle might have caused it? There has been no major increase in our export sector nor any major economic policy pronouncement in the recent past. This artificial increase of rupee through a fill up of the "kashkol" is very dangerous for the stability of the economy and our foreign policy.

Addy
Mar 13, 2014 09:30pm

To me the most pathetic aspect of this whole fiasco is that the 'mighty' rupee can be swayed almost 10% by a mere $1.5 billion here and there. For an economy comprising the efforts of 180 million people, this is more than shameful.

Rasmin30
Mar 13, 2014 09:30pm

Oh!will Lal Haveli resident resign from politics, rupee is under 100

Abuzar
Mar 13, 2014 09:47pm

Military support against Bashar-al-Asad government in Syria.

Maybe this is why Taliban are holding ceasefire.

Amir
Mar 13, 2014 09:48pm

@Aysha, I couldn't have said it better myself. In return to this loan, the corrupt Saudis have most likely asked the government to look the other way in matters related to SA's involvement in funding the madrassas and promoting its brand of religion. I don't recall reading any statement of condemnation from the Saudis with regards to the suicide bombings and the killing that has been going on in PAK for years. Folks, SA is the country that promotes terrorism in the world and uses poor countries like PAK for its agenda.

Jalaluddin S. Hussain
Mar 13, 2014 09:55pm

Pakistan must rely on her own resources, however meager. Depending on others will make the country fall back on dark and "stone-age" forces!

salim
Mar 13, 2014 10:02pm

Guys, it's $ 1.5billion LOAN, not free charity, who will pay it ? Not sharif, but the common citizens of pakistan. Maximum amount of money will go under corruption in the pockets of politicians rather than being used for ordinary people

kirther
Mar 13, 2014 10:23pm

the government should concentrate on efficient utilization of resources and concentrate on capacity building, even in the past Pakistan has been able to mobilize financial resources from international institutions but due inefficient utilization and corruption average Pakistani has not benefited, it will be the same this time except that whatever national prestige is left will be vanish pity soon.

Aslam Butt
Mar 13, 2014 10:24pm

@Waqar:

I don't know why you call the wide spread apprehension with Pak-Saudi relations as speculation? The chaos and mayhem in Pakistan is for everyone to see and experience 'first hand' all of it is courtesy Saudi influence and money. The losses we have suffered because of our foolish slavery of Saud family and US, both in terms of blood and money is immeasurable

Optimism doesn't mean burying your head in the sand.

Parvez
Mar 13, 2014 10:32pm

......and the heavy price will be paid by the people of Pakistan.

Syed Hassan
Mar 13, 2014 10:56pm

Saudi's lent the money on the "personal guarantee" of the Prime Minister. Atleast one thing is for certain in this whole drama (or whatever you would like to call it), PM is atleast worth USD 1.5 Billion. Something for FBR. Wake up dudes.

One more thing, the money has been given as a "loan". I would like to see the repayment terms.

As for the economy, its still in shambles so whatever appreciation there is will be short term.

TooTrue
Mar 13, 2014 11:08pm

Most evil in the world, but specially in Pakistan emanates from the Kingdom. The world would be a lot happier and safer were it not for the Saudis.

Asad
Mar 13, 2014 11:10pm

based on the reports which have surfaced yet on this loan issue i believe it is too early to support or criticize the matter as we don't exactly know the circumstances/conditions attached just give it some time let the situation clear out a bit and then judge to conclusions....

AHA
Mar 13, 2014 11:10pm

@Karachi Wala: Excellent observations. Unfortunately, the Saudi version of Islam has made us lose our ability to think.

Atahir
Mar 13, 2014 11:14pm

Can the Finance Minister please take action against exchange companies which are refusing Dollars citing short supply. Others were selling USD at 102 today when open market rate was 100.5 Anyone can check the above at currency dealers on khyaban e shahbaz who were acting like thugs pushing customers away saying they can complain to anyone they like!! Where can genuine buyers go? Where to complain?

samina
Mar 13, 2014 11:16pm

PML-N sold the nation's sovereignty and dignity so cheap! what a shame.

Fiz
Mar 13, 2014 11:21pm

Everything is making sense now. We have been bailed out by KS of A in return for regime change in Syria. That change will be brought by our own TT of P. Thats why the negotiations with them are successfull because they have been given new jobs in Syria now. They are happy, we are happy and Saudis are satisfied that they have bought what they wanted. So what has changed? In effect nothing. We plan to continue selling ourselves in the name of jihad! Disgusting!

AHA
Mar 13, 2014 11:29pm

@Faisal Alam: "Now what did the Sharifs sell to Saudis this time?"

More madrassas, and a greater freedom to massacre innocent Pakistanis.

Shahryar Shirazi
Mar 13, 2014 11:35pm

We will never learn from our mistakes.

MIT
Mar 13, 2014 11:57pm

I doubt, is anyone in Pakistan left knowing this fact who "runs" Saudi Arabia??? you have ruined our generations by showing these kind gestures. Madrassas, Madrassas and Madrassas. Now we have extreme of both in our own house. One brother with beard misguided in the name of Islam and another brother with guitar and both "hate" each other.

Kishore
Mar 14, 2014 12:11am

I have seen all the comments and going by it , I see people of pakistan hate Saudi. I could not comprehend, can anyone explain me why ? Afterall Saudi is an Islamic country as pakistan. why would country with same religion hate each other. I am from India and majority of people in India do not hate Nepal, because we think major people of both the nations are Hindu.Sorry for ignorance in your country affairs, but still want to know the reason.

Thanks:)

Siyalkotia
Mar 14, 2014 12:14am

@TooTrue: Don't use such harsh words for our Muslim Brothers. Our Muslim brothers can't be so bad.

pathanoo
Mar 14, 2014 12:25am

Some thoughts for Pakistan...... 1) Beggars can not dictate terms. And, can not hold their head high. 2) Beggars are told what to do and what they are allowed. 3) Beggars are always on their knees with their heads bowed. 4) Saudis are not altruistic. They will call in the loans in more ways than one. 5) You can not survive begging for ever. You need to fix your economy/country. Good Luck, Pakistan.

imran ahmed
Mar 14, 2014 12:37am

i am failed to understand why we need loans? As i know we have plenty of options available in dollar acquisition from various sources along with significant increase in foreign remittances and selling off 3g/4g data licences. Is this only Mr. Dar's childish wish to decrease Dollar-rupee gape on the expense of increasing overall public national and international loans.He must not be much happy because this is a secretive deal loan which is provided without his technical abilities being tested.
We must not rely on foreign powers to turnaround our financial woes , as we all understand that in return we would be paying a very heavy price not in same dollars bundles but in real blood bags.

umar
Mar 14, 2014 01:08am

@Waqar: Naive

Lahori
Mar 14, 2014 01:09am

@ghayyas: Shame on PML-N

tanveer
Mar 14, 2014 01:12am

@AHA: Shouldn't the CJ take notice of this.

sohi
Mar 14, 2014 02:17am

Hey friends what we are saying Saudi and Pakistan. We should say we both Muslim countries and we are one. Sharif brothers have very good ties with the Arabia and that's why because of them we Pakistan and the Arabian peninsula is getting closer again. Plus after Sharif took over the Government I have seen in UAE they are treating Pakistanis well like no rejections in visas and security clearances. So Good Move Nawaz Sharif hope in future we have more closer and closer ties with the Arabia.

Anurag Priyadarshi
Mar 14, 2014 02:31am

The Pakistani economy presently is on a life support system provided by International donors and the so called friends of Pakistan.We know that a habituated beggar has no self respect and is constantly looked down upon by the society.No wonder why Pakistan's domestic concerns and legitimate appeals fall upon the deaf ears of the mighty western powers that be and the so called friends are already in the pockets of these powers.A debt ridden financial system would further get debilitated by these external borrowings unless something extra ordinary is done to resuscitate the ailing economy.Well the time is running out fast.

mdawson@rediffmail.com
Mar 14, 2014 02:33am

innocent pakistani !!! I see a contardiction here!

Zulfiqar Ali
Mar 14, 2014 03:03am

what does it mean by 'Personal Guarantee'? NS would be responsible for the repayment of the loan worth Rs 1.5 billion??

nabil
Mar 14, 2014 04:00am

1.5 Billion dollars, more than enough to complete IP gas pipe line.

aussie
Mar 14, 2014 04:49am

@Ha ha ha: exactly what a big hue for 1.5 billion dollars. Expat Pakistanis sending 15 billion every year where that money goes .

Masood Rafi
Mar 14, 2014 06:14am

This is a loan not free money. This will have to be paid with interest back to the Saudis. For all those dancing with joy please be aware that not only current generation but even future generations will be paying this back with interest. Why can't we tax the rich and not go the beggars way. I see this money being consumed by corrupt politicians and corrupt governance. History teaches us that a very low percentage of any foreign loan has ever been used to benefit public.

adi
Mar 14, 2014 06:25am

Country and its nuclear secrets on sale Going Going Goooone

Nik
Mar 14, 2014 06:27am

Honestly, I feel sad that the pakistan govt couldn't ask India for the loan. I know, I know the fanatics on both sides will get hyper and start yelling ,screaming and breaking things. But It would have been a great moment in the history of our relations. Oh well, I hope the money reaches the public who deserve it the most!!

JHM
Mar 14, 2014 06:27am

Putin's adventure in Crimea has urgenty revived the importance of Pakistan's milltary in the global strategic response of the western military planners. The less then Rs.100 dollar is here to stay and if the Mian from Lahore plays his cards right we actually might see a major transformation of Pakistan's fortunes. .

Nooruddin Taj
Mar 14, 2014 06:31am

Khuda khair kare. This is not good for Pakistan and its people.

Najam
Mar 14, 2014 06:36am

You try to borrow money from a bank, - banker asks for collateral against the loan to avoid default. What collateral did we offer against Saudi Loan ?

shafqat
Mar 14, 2014 06:41am

Actually it is a win-win sitation for Pakistan, if we play our cards right: Let Taliban go to Syria and get obliterated by the Syrian army and Hezbollah fighters. We get rid of the scrougem keep the money and live happily ever after...

Jansen
Mar 14, 2014 08:02am

I agree with many friends who say "there is no free lunch" We are known in the world for selling even our Mothers for the right price. What a shamefull distinction. This is a true example of that. A deal done between two families without their public knowing the terms. Sounds familiar! We are still reeling from what we got during Zia's and Musharraf's time. 50,000 dead and counting. A complete breakdown of social order and destroyed culture. God only knows what will be the outcome of this sellout. A more horrible one...

zaheer mustafa
Mar 14, 2014 09:08am

Saudi is a problem state. In name of spreading its version of religion it has destabilized many nations. It has led to alienation and backwardness in the Muslim community. Its citizens are one of most repressed and unhappy ones, in spite of so much wealth. Let us not touch their money and keep them away.

Syed Ahmed
Mar 14, 2014 09:09am

Military dictator did not break the constitution but definitely broke the

Whistle
Mar 14, 2014 09:37am

@YR: Sorry I misjudged your sarcasm.

Yaqub Ehsan
Mar 14, 2014 10:15am

@Faisal Alam:

Arms to Syrian rebels to fight Asad, arms that will no doubt, intentionally or quintessentially fall into Al Qaeda hands.

Yaqub Ehsan
Mar 14, 2014 10:18am

@Waqar: Be positive and optimistic but not naive. Saudi's have not kept secret what they wanted in return, there is your proof.

Yaqub Ehsan
Mar 14, 2014 10:20am

@Zaheer: Very well said!

Yaqub Ehsan
Mar 14, 2014 10:26am

@Ha Ha Ha: Peanuts is right, bu unfortunately, that is all it takes to buy Pakistan - a country of 185 million strong, upright, God fearing Muslims.

akm
Mar 14, 2014 12:02pm

every friendship has got a personnel interest

Umer Iqbal
Mar 14, 2014 12:13pm

Now I am getting the story behind it, that why taliban are onto ceasefire and why General Raheel shareef having meetings with King Abdullah, this means our army support now needed in Syria to put down asad rebel group and here Mr Ishaq Dar showing off that this Rupee appreciation is kind of economy success but actually we are entering into another war zone. What I believe that this currency appreciation would not stabilize this way and soon this bubble will burst up because getting loans from Saudi Arab or IMF is never a good sign for Economy.

Ahsan
Mar 14, 2014 01:51pm

@Faisal Alam: Pakistanis Sold ...!!!!

cameo
Mar 14, 2014 02:04pm

No country has done more damage to Pakistan(and Muslim world) than the Kingdom of Saudi Arabia.

syed
Mar 14, 2014 02:11pm

how about use fraction of this money to fix the energy disaster the country is going thru? but we all know where "funds" go !!!

khan
Mar 14, 2014 02:43pm

its shame and mockery the media is humiliating our friends even if they are supporting us and aiding us at difficult time since war 1965 till today. and welcoming americans even if they are killing our people by drown or davis. thanksss ALllah this media wasnt there in the War of 1965

Amir Bangash
Mar 14, 2014 03:54pm

Pakistan is passing through the most difficult time of her existence. Any financial help through friendly countries is welcome and appreciated.

Syed (Australia)
Mar 14, 2014 05:02pm

I hope this cahrity should not be in response to our support to Saudi and their merceneries fighting in Syria. If this is the case than its going to backfire and in future we will be fighting with two our neighbouring muslim countries Iran and Afghanistan. Taliban Alqaida from Afghan border and Hisbullah from Iranian border.I will suggest the Government of Pakistan do not get played in the hands of Saudi Royals this will be playing with fire which will not be controlled by any power on the earth.

asfi
Mar 14, 2014 07:38pm

@pakiboy: After all Mr Dar is too good at economics.

Akber
Mar 14, 2014 08:53pm

Another temporary fix to a problem that needs some policy change and a long term solution. By the end of this year 1 US $ will cost Rs 120 or more.

M Taimur
Mar 14, 2014 10:00pm

Saudi Arabia has contributed a lot to terrorism in Pakistan. May Allah protect us from Saudi Kings.

NASR
Mar 14, 2014 11:40pm

@Faisal Alam: A LOT OF "CHOONA"

NASR
Mar 14, 2014 11:45pm

@shahid: No Wonder this is a rehearsal or sequel of the previous episodes. Buy the Dollar when it is lower and than sell it by hiking the dollar again. This is green pack will dwindle very fast

khan
Mar 15, 2014 02:47am

@Amir Bangash: Jo de us ka bhala,jo naa de uska bhi bhala.Shram tu ko magar nahi aati.Because of this thinking,we are treated as beggars in saudi arabia.I hate to tell you that,this is the only reason which stops me going to that holy land.

Najee
Mar 15, 2014 05:11am

How much more destruction of Pakistan and how many more Shia will be killed by accepting this money! This is a blood money we should say NO to this offer!

khanm
Mar 15, 2014 10:11am

the money is not to shore up the economy, it the price paid for the mercenaries..... it is all about the control and power... if the petro money is spent to eliminate the hunger, poverty, education, political stability and brother hood, the Arabs would have been more closer to each other than what they are now.... Absolute power and absolutely money corrupts absolutely ... Before we acquire great power we must acquire wisdom to use it well. wisdom which we don't have.....

Ahmer
Mar 15, 2014 12:00pm

I do not know what the Sharif brothers sold this time for this $1.5 billion but we know from past experience that they are capable of selling absolutely anything for dollars except their own business interest.

Amir Bangash
Mar 15, 2014 03:18pm

@khan. Respect does not come with talks only and it is better that every one should start paying taxes,utility bills and don't support or vote for those who take away national money and deposit it into their foreign bank accounts because Pakistanis are faced with great difficulties like drought, joblessness,poor medical facilities,power outages,terrorism and so on..

Naveed Javed
Mar 15, 2014 07:34pm

And people say Nawaz Sharif has learned from his mistakes; God bless Pakistan from all these Taliban appeasers!

Muhammed Ali
Mar 15, 2014 07:38pm

So much for breaking the KASHKHOL (begging bowl), they have got an even bigger one made...i wonder how many conditions are attached to this money?

Fareed
Mar 15, 2014 07:56pm

@Zaheer -: "he who pays the piper calls the shots" - very true, he selects the tune and we dance.

Asif
Mar 15, 2014 10:21pm

Thanks to brotherhood

Ali
Mar 16, 2014 01:11am

wow.......we are rich now!

a thought
Mar 16, 2014 08:01am

What a bargain we have suffered 80,000 lives of innocent peoples, more than 80 billion loss for the economy and that is just a beginning. Seems to me from the timing of the Visit and the renewed interest in the peace talk with the TTP that a part of the deal has some elements of that. This perceived "asset" in the form of Talibans has caused so much damage to Pakistan that no amount of money could compensate for that. The reality is the damage is not happening in their country i.e. Saudi Arabia, so they are happy to through away few dollars and try to get the benefit by advancing their political agenda. Losers are those who are happy with that so called "gift from a friend'.

The worse outcome for the country will be if as a result of that "gift'" a life line will be thrown to TTP and channelling that "asset" into the affairs of other counties will continue.

Ahsan Khan
Mar 16, 2014 12:18pm

In Return What we have to do for Saudi ????

Shahjee
Mar 16, 2014 01:05pm

Thank You Saudia You Are A True Friend and Brother

Mekal Faruki
Mar 16, 2014 02:04pm

Reuters have their facts wrong. The $1.5 billion dollars are not a loan, they are a gift as reported by government officials. Reuters is exposing itself as an incompetent news organization.

Aussie
Mar 16, 2014 02:56pm

@Masood: You can expect anything from this downtown illiterate' corrupt thug.He can sell anything for dollars from mother to motherland.

Syed Hassan
Mar 16, 2014 05:26pm

If we look at the Government's performance over last 10 months, we see all except "one single right" move to improve the economic fundamentals of Pakistan. No single measure has been undertaken to correct the structural issues (Electricity theft, generation mix, contracts with IPPs). Its like we are saying we will sell our silverware but will not change our life style.

The government is managing the economy on a stop gap basis. One inflow to the other inflow. You cannot blame the Honorable Finance Minister as he simply doesn't have the capability to run a job which in the whole wide world is managed by economists. If you have to blame, blame his boss. Afterall he is the one who appointed him to this position.

The most surprising element in all of this is the celebration you see over our "soap media". Thats one pillar who is loosing its credibility and fast.

For now we have generated enough funds to sail us through the fiscal year end but in the process we have lost our "sovereignty". Pakistan has now become a state who is available as an extension of a state to any country in the world. Just pay the right price and we will support your "cause" till the money runs dry.

mj
Mar 16, 2014 08:31pm

I urge the Pakistan government to please take all the measures required to ensure we really do develop our economy. This money belongs to the people of Pakistan and should people should demand tangible results happy too see ministers and officials being challenged on their lavish and extravagant spending's while the average Pakistani is deprived of basic needs.

Asad Hyder, Ph.D
Mar 16, 2014 09:13pm

@mike ghaous: Keep on dreaming. There is nothing wrong with dreaming as long as one knows one is dreaming.

Asad Hyder, Ph.D
Mar 16, 2014 09:16pm

@shahid: Who "elected" this leadership?