Low oil price means Pakistan may not be at the mercy of Saudi Arabia - at least for now
Pakistan’s nuclear tests in May 1998, days after its arch-rival India carried out its own explosions, brought swift and painful sanctions from the United States.
“That’s when Saudi Arabia came to our rescue and offered us an oil credit for the first time,” recalls G. A Sabri, who has served as the top bureaucrat in Pakistan’s petroleum ministry and was part of the negotiations. The oil credit facility was renewed once again after Prime Minister Imran Khan came to power in 2018 and his government sought loans from the International Monetary Fund as well as other friendly countries in order to avert a balance of payments crisis.
“It was supposed to be renewed in May. It has been three months since the facility expired. They could have done it by now if they wanted to,” says Shahbaz Rana, an Islamabad-based journalist who firstPakistan's Foreign Minister Shah Mehmood Qureshi criticised Saudi Arabia for not backing Islamabad strongly enough on the Kashmir issue.
In such circumstances, it makes sense for an oil-rich country like Saudi Arabia to find ways to preserve cash. Its relations with Pakistan, however, have been bumpy in recent months, fuelling concerns that the two prominent Muslim countries are not on the same page. “The foreign minister should have been careful. Such diplomacy is not done through the media,” Shahid Khaqan Abbasi, Pakistan’s former Prime Minister, who also headed the Ministry of Petroleum at one time, told“We have a 73-year-long relationship with Saudi Arabia with deep political and economic ties. We should be considerate about their own problems.”
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Selma Blair Says 'I Am A Mess With MS' As She Shares New Update To Instagram'I am going to learn how to use this body, brain and emotions.'
Weiterlesen »
Aramco’s Dividend Discipline Isn’t EnoughOil industry investors have been rocked by two jarring dividend cuts this year, but the biggest oil company of them all has stayed the course. That discipline will do little to attract foreigners to Saudi Aramco, though.
Weiterlesen »
Will Saudi Crown Prince Mohammed bin Salman appear in a US court?A US court wants to know what role Saudi Arabia’s crown prince played in an alleged Khashoggi style murder plot targeting a former Saudi spy
Weiterlesen »
The human cost of India's Baglihar dam in disputed KashmirHow India’s dam and hydroelectric projects in disputed Kashmir have caused Pakistan additional insecurity and anxiety Opinion | cjwerleman
Weiterlesen »
WSJ News Exclusive | China’s Xi Speeds Up Inward Economic ShiftWith the world in recession and U.S.-China tensions deepening, President Xi Jinping is laying out a major initiative to accelerate China’s shift toward more reliance on its domestic economy.
Weiterlesen »
Workers race to stop tanker from leaking tons more oil into Indian OceanIn a race against tides and time, workers have pumped tons of fuel from a Japanese bulk carrier ship grounded in the shallow waters of Mauritius.
Weiterlesen »