Observer Report
Islamabad
Federal Information Minister Senator Shibli Faraz on Tuesday said Pakistan has always valued its relationship with Saudi Arabia and looking at “routine matters with suspicion is not in the country’s interest.”
While addressing the media in Islamabad following the federal cabinet meeting on Tuesday, he dispelled the speculations that Islamabad’s relations with Riyadh have deteriorated lately. Responding to a question on Saudi loan payment of $1 billion, Faraz said the loans are meant to be returned and there is nothing unusual about it.
“Saudi Arabia is our brotherly country and it has always helped Pakistan during difficult times,’ said Faraz.
However, he added that with the changing world order every country makes policies to protect its interests. “Pakistan will follow same policy which will protect its interest.”
The minister for information and broadcasting also said that Sate Bank’s reserves have increased to $12.5 billion from $8 billion due to prudent economic policies of the government.
“When we came into power the current account deficit was at $20 billion and in two years we brought it to $3 billion by reducing it to $17 billion. Faraz further said under Ehsaas programme, the government has distributed financial assistance to 15 million families.
He said the government adopted the policy of reducing imports and increased exports which resulted in the strengthening of country’s economy.
Federal Minister for Information and Broadcasting Shibli Faraz on Tuesday said that Pakistan is on the road to economic stability despite the coronavirus crisis that has adversely affected economies around the world.
Faraz said that as per the figures shared by finance adviser Hafeez Shaikh, the fiscal deficit which was expected at 9.1% was recorded at 8.1% and the primary deficit expected at 3.1% was recorded at 1.8%.
The minister noted that the current account deficit, which was recorded at $20 billion when the PTI-led government came into power, was recorded at $13 billion dollars last year and in 2019-20, it was recorded at $3 billion.
“This is an important figure as it affects currency devaluation and exports and imports,” he said.
Underscoring the subsidies given by the incumbent government on electricity, gas, and the allocation of funds under the Ehsaas programme to facilitate the impoverished segment of the society, the minister said that a recent Bloomberg report ranked the Pakistan Stock Exchange second in the world.
