Pakistan Don’t Have Money to Pay Bills, Borrows US $4.5 Billion from Saudi Arabia-based Islamic Development Bank
September 27, 2023
  • Circulation
  • Advertise
  • Careers
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Europe
    • North America
    • South America
    • Africa
    • Australia
    • Global Commons
  • G20
  • Editorial
  • Analysis
  • Opinion
  • International
  • More
    • Sports
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • Politics
    • Vocal4Local
    • Business
    • Economy
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Law
    • Health
    • Obituary
    • Podcast
MAGAZINE
No Result
View All Result
  • ‌
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Europe
    • North America
    • South America
    • Africa
    • Australia
    • Global Commons
  • G20
  • Editorial
  • Analysis
  • Opinion
  • International
  • More
    • Sports
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • Politics
    • Vocal4Local
    • Business
    • Economy
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Law
    • Health
    • Obituary
    • Podcast
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • G20
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • International Edition
  • RSS in News
  • Magazine
Home Bharat

Pakistan Don’t Have Money to Pay Bills, Borrows US $4.5 Billion from Saudi Arabia-based Islamic Development Bank

by WEB DESK
Jul 6, 2021, 11:56 am IST
in Bharat
FacebookTwitterWhatsAppTelegramEmail

In 2019, Pakistan had borrowed money and oil from Saudi Arabia to sail through the crisis, but Saudi Arabia stopped the arrangement after a year. 

 

A debt-ridden Pakistan has signed an agreement with Saudi Arabia-based Islamic Development Bank (IDB) to borrow USD 4.5 billion to ease oil and gas shortages that are crippling the economy and people's livelihoods through power cuts and fuel disruptions.

 

The country is facing massive oil and gas shortages.

 

The loan, issued by IDB, will be used to pay for crude oil, refined petroleum products, liquefied natural gas (LNG), and industrial chemical urea over the next three years, Asia Times reported. The agreement was reached with the International Islamic Trade Finance Corporation (ITFC), the trading arm of the Jeddah-based IDB.

 

The opposition parties blame the crisis on lethargy and mismanagement by the Prime Minister Imran Khan Niazi-led PTI government. They have pointed to delays in buying furnace oil and say a vessel crucial to the distribution of LNG is inexplicably out of action in drydock when it is most needed.

 

The energy shortfall has hit power generation hard in the country amid reduced water flows into the Mangla and Tarbela hydroelectric dams on the Jhelum and Indus rivers.

 

According to sources, dam water levels are now so low that the turbines can hardly operate at full capacity, Asia Times reported. The situation worsened on Friday (July 2) when the hydropower shortfall exceeded 4,000 megawatts.

 

Pakistan generates about 7,320 megawatts from its reservoirs.

 

As the power situation deteriorated, the government last week cut water distribution to provinces by 10 percent, with more cuts planned if the situation does not improve. Low water supplies have reportedly hit the rice, sugarcane, cotton crops, and orchards production in the Sindh and Punjab provinces. The government has also suspended gas supplies to non-export industrial units and compressed natural gas (CNG) stations to meet domestic gas demand.

 

Farrukh Saleem, an Islamabad-based Pakistani political scientist, economist, and financial analyst, told Asia Times that mismanagement, lack of planning, and non-adherence to supply chain mechanisms are behind the crisis.

 

Pakistan Muslim League-Nawaz (PML-N) leader and former finance minister Miftah Ismail said the Imran Khan government was directly responsible for the energy crisis. He added that the government continued to delay the purchase of furnace oil and then went for it in haste at an exorbitant price when the crisis became apparent.

 

A deal with Saudi Arabia that has turned sour has compounded Pakistan's energy woes. The Saudis agreed in 2018 to help Pakistan stave off a current account crisis with $3 billion in currency support for a year, reported Asia Times.

 

It further reported that this was supplemented in 2019 with a deal that said the Saudis would supply oil for three years, for which Pakistan would make deferred payments. However, the Saudis ended the arrangement after one year for reasons which were not made public.

 

(With inputs from ANI)

 

 

ShareTweetSendShareSend
Previous News

Bajrang Dal Holds State-Wide Protest in Telangana, Demands Proper Implementation of Law Against Cow Slaughter

Next News

Pak’s myopic mindset linked to treating Talibanism as an industry may backfire

Related News

ISRO Chief sees potential in space sector beyond just building rockets, satellites

ISRO Chief sees potential in space sector beyond just building rockets, satellites

MP Shocker: A raped, half-naked and bleeding minor seeks help in the streets of Ujjain but is shunned away

MP Shocker: A raped, half-naked and bleeding minor seeks help in the streets of Ujjain but is shunned away

Punjab: NIA crcakdown on Khalistanis continues; pick up aide of gangster Arsh Dala in ongoing raids

Punjab: NIA crcakdown on Khalistanis continues; pick up aide of gangster Arsh Dala in ongoing raids

Raja Rammohan Roy Death Anniversary: London Post a Bristol tribute

Raja Rammohan Roy Death Anniversary: London Post a Bristol tribute

PM Modi releases 4 books showcasing the success of India’s G20 Presidency

PM Modi releases 4 books showcasing the success of India’s G20 Presidency

USA: BAPS Swaminarayan Sanstha to inaugurate ‘second largest Hindu temple’ in New Jersey

USA: BAPS Swaminarayan Sanstha to inaugurate ‘second largest Hindu temple’ in New Jersey

Load More

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

ISRO Chief sees potential in space sector beyond just building rockets, satellites

ISRO Chief sees potential in space sector beyond just building rockets, satellites

MP Shocker: A raped, half-naked and bleeding minor seeks help in the streets of Ujjain but is shunned away

MP Shocker: A raped, half-naked and bleeding minor seeks help in the streets of Ujjain but is shunned away

Punjab: NIA crcakdown on Khalistanis continues; pick up aide of gangster Arsh Dala in ongoing raids

Punjab: NIA crcakdown on Khalistanis continues; pick up aide of gangster Arsh Dala in ongoing raids

Raja Rammohan Roy Death Anniversary: London Post a Bristol tribute

Raja Rammohan Roy Death Anniversary: London Post a Bristol tribute

PM Modi releases 4 books showcasing the success of India’s G20 Presidency

PM Modi releases 4 books showcasing the success of India’s G20 Presidency

USA: BAPS Swaminarayan Sanstha to inaugurate ‘second largest Hindu temple’ in New Jersey

USA: BAPS Swaminarayan Sanstha to inaugurate ‘second largest Hindu temple’ in New Jersey

Madhya Pradesh: President Droupadi Murmu attends India Smart Cities Conclave 2023 in Indore

Madhya Pradesh: President Droupadi Murmu attends India Smart Cities Conclave 2023 in Indore

Pakistan: Another three Ahmadiyya worship places desecrated in Lahore by police

Pakistan: Another three Ahmadiyya worship places desecrated in Lahore by police

PM Modi recalls 20-year journey of Vibrant Gujarat Summit, says “Earlier, foreign investors were threatened…”

PM Modi recalls 20-year journey of Vibrant Gujarat Summit, says “Earlier, foreign investors were threatened…”

SGPC passes resolution against Canada’s Trudeau government for defaming Sikhs

SGPC passes resolution against Canada’s Trudeau government for defaming Sikhs

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Africa
    • North America
    • South America
    • Europe
    • Australia
    • Global Commons
  • Editorial
  • Opinion
  • Analysis
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • Entertainment
  • More ..
    • Sci & Tech
    • Vocal4Local
    • Special Report
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Politics
    • Law
    • Economy
    • Obituary
    • Podcast
  • Subscribe Magazine
  • Advertise
  • Circulation
  • Careers
  • About Us
  • Contact Us
  • Policies & Terms
    • Privacy Policy
    • Cookie Policy
    • Refund and Cancellation
    • Terms of Use

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies