Pakistan and Saudi Arabia are to finalise agreement on oil facility by March 28, 2022.
This understanding was reached between Pakistan and Saudi Arabia during the visit of Prime Minister Imran Khan to Saudi Arabia in October last year.
The issue of Saudi oil facility also came under discussion at a meeting of Economic Executive Council (EEC) presided over by Finance Minister on Finance and Revenue, Shaukat Tarin. Minister for Energy was not present in the meeting. However, Minister for Economic Affairs informed EEC that the agreement of oil facility will be finalised by March 28, 2022.
The meeting decided that Petroleum Division will finalise the process of oil facility agreement at the earliest so that in coming months a smooth oil supply may be ensured.
Finance Minister appreciated the PM’s proposal of special initiative on Pakistan first ever sovereign Wealth Fund. He advised Tahir Mahmood, focal person on Prime Minister’s ten-point agenda, to finalise the modalities and action plan for sovereign Wealth Fund.
President National Bank of Pakistan (NBP) stated that a thorough discussion with SBP, local as well as international banks, have been carried out on gold-based negotiable instruments and it was concluded that handover of gold to SBP is a costly and time consuming process. SBP stated that the testing facility for assessing gold quality is not available in the country. It was also noted that after consultations of PMEX, SBP has prepared a refined proposal and communicated it to Tahir Mahmood. It was decided that NBP and Tahir Mahmood will share their commitments to SBP on the refined proposal. SBP will explore the options to make scheme operational.
Minister for Industries & Production, Khusro Bakhtiar revealed the short-term and long-term plan for DAP production and availability. He further stated that 1.1 million Kissan Cards have already been issued to farmers out of 1.6 million total farmers.
