ISLAMABAD, Nov 5: Adviser to Prime Minister on Finance Shaukat Tarin has said that Saudi Arabia has assured to provide all possible financial assistance to Pakistan.

However, he gave no specific details.

Talking to PTV from Riyadh on Wednesday, he said the assurance was given during a one-to-one meeting between King Abdullah bin Abdul Aziz and President Asif Ali Zardari.

Mr Tarin said that the matter would be finalised at a meeting with the Saudi finance minister upon his return from abroad.

Answering a question, he said that a number of issues had been discussed with the Saudi government and its response on each and every issue was ‘positive’.

Mr Tarin said that efforts would be made to export more manpower to Saudi Arabia.

He said Pakistan would decide in the next few days if it would go to the IMF for a loan. “We’ll analyse all the options in the next few days and whatever is in our best interests we’ll adopt,” he said.

Pakistan is hoping to avoid an IMF programme, which entails painful conditions, by securing help from allies and other multilateral lenders.

Before his departure, Mr Zardari said he would seek the relief of deferred payment for oil imported from Saudi Arabia. Pakistan’s annual oil bill had risen to $12 billion from $3 billion in five years, he said.

Mr Tarin said King Abdullah had responded “positively” to the request on deferred oil payment.

“Everything was put on the table by Mr President and their attitude was positive towards everything,” he said.

“Now details have to be finalised but this should be taken as they have an intention to help Pakistan economically.”

The kingdom has given the facility of deferred payment to Pakistani in the past, but diplomats say that donors, including Saudi Arabia, want to see the government reach an agreement with the IMF before deciding to offer support.

Pakistan imports about 82 per cent of its crude oil from Saudi Arabia.

Analysts say deferred payment on a third of that, as requested, would provide Pakistan with a relief of up to $1.8 billion a year on its balance of payment, at current oil prices.

Pakistan’s foreign reserves dwindled to $6.92 billion on Oct 25, out of which the central bank accounted for $3.71 billion, not enough to cover September’s imports of $3.807 billion.

Analysts say Saudi Arabia has no interest in seeing Pakistan descend into chaos, because that would strengthen Al Qaeda.

Mr Zardari performed Umrah on Wednesday morning and also visited Masjid-i-Nabvi where he offered Maghrib prayers.

—Agencies

Opinion

Editorial

Small victories
Updated 08 Jun, 2024

Small victories

Recognition of Palestine is only the first step.
Chaman stalemate
08 Jun, 2024

Chaman stalemate

THE recent outbreak of violence in Chaman, which left at least 40 injured, among whom 17 were security officials,...
Deplorable performance
08 Jun, 2024

Deplorable performance

PAKISTAN held their heads in their hands; the unthinkable had happened. Their T20 World Cup hopes suffered a body...
Addressing contempt
Updated 07 Jun, 2024

Addressing contempt

It is imperative that the culture normalising contempt be dismantled and the boundaries of acceptable criticism defined once again.
Averting disaster
07 Jun, 2024

Averting disaster

PAKISTAN stands on the precipice of yet another potential flood disaster. According to the National Disaster...
Overzealous state
07 Jun, 2024

Overzealous state

INSTEAD of addressing the core issues that fuel discontent amongst the citizenry, the state prefers to go after ...