Pakistan to get $1bn from Saudi Arabia in next two days: Asad Umar

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Asad Umar

By Business Reporter

KARACHI: Finance Minister Asad Umar says Pakistan will get $1billion from Saudi Arabia in the next two days. One billion dollars will be given to Pakistan out of total $6 billion loan offered by Saudis to rescue Pakistan’s economy. Saudi Arabia on Oct 23 had agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis.

Speaking at a gathering at Overseas Investors Chamber of Commerce and Industries in Karachi,  Umar said several illegal properties of Pakistanis had also been unearthed in Dubai during a recent investigation.

The minister said the government was focused at increasing volume of industrial production.  Umar said his government very much aware about problems faced by industrialists and traders. “We will make efforts to resolve them at the earliest.”

He said: “We have found 4,000 illegal properties of Pakistanis in Dubai.” The minister was of the view that all necessary steps were taken to revive the national economy. He said the government was taking measures to bring back looted money stashed abroad. He underlined that the payment transfer method called ‘Hundi and Hawala’ was primarily used for terror financing as well as other illegal activities.

Asad Umar termed ‘political maneuvering’ as the core reason behind poor tax net. The government in September established a task force to bring back money illegally shifted abroad from Pakistan. Information Minister Fawad Chaudhry had said a unit had been established at the PM House for coordination in measures for bringing back looted money from abroad.

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