Finance Minister Ishaq Dar said on Sunday that Pakistan had overcome the United States’ resistance to buying Russian oil and that Islamabad aimed to engage into a petroleum import agreement with Moscow on conditions similar to those agreed upon by New Delhi.
According to a message received here, the country’s finance czar stated to the Pakistan Muslim League-Nawaz (PML-N) workers in Dubai that the US had been advised that Pakistan could buy Russian oil because its neighbor India was doing so.
“We informed American [State Department] officials that America cannot ban us from buying oil from Russia since our neighboring nation India is also buying oil from Russia,” the finance minister said, alluding to his recent trip to the United States.
The minister went on to say that the meeting concluded that Pakistan may acquire oil from Russia. “US officials said they are forming a G-7 platform to determine the price of buying Russian oil and that no one should buy Russian oil at a higher price.”
Dar also stated that the ministry will attempt to acquire oil from Russia on conditions comparable to those agreed upon by India. “You will see that the administration will take substantial initiatives in favor of Pakistan in this area in the coming months,” the finance minister stated.
According to Dar, Pakistan has financial ties with Saudi Arabia, China, and the United Arab Emirates (UAE). He went on to say that he had important meetings with UAE officials, and that the prime minister had meetings with Saudi officials during his recent visit. “You will see that there will be further improvement for Pakistan as a result of these meetings.”
The minister informed PML-N employees that Saudi Arabia will contribute roughly $11 billion to build a refinery in Gwadar. He went on to say that the project was started in October 2015, but it was delayed due to a political upheaval and a change of administration in Pakistan. “It has now been determined to build the refinery,” he stated.
During its nearly four-year tenure, the previous Pakistan Tehreek-e-Insaf (PTI) government was accused of “sinking Pakistan’s economy.” He went on to say that the economy suffered as a result of the government’s decision to switch to a market-based exchange rate.
However, he pledged that the government will preserve the current exchange rate between the dollar and the rupee. “We will attempt to devalue the rupee below Rs200.” “Our administration is dedicated to increase the rupee’s value versus the dollar,” he added, adding that measures were being implemented to get the economy back on track.
“We intend to finish the IMF [International Monetary Fund] program.” For the current fiscal year, approximately $32 to 34 billion are required. “We hope to collect the amount,” Dar said of the funds to be received from the international financial institution.