Pakistan will return 3 billion a year to Saudi Arabia

 

Finance Minister Shaukat Tareen told the Upper House or Senate on Friday that Pakistan would start using Saudi oil facility on deferred payments from next month.

Finance Minister Shaukat Tareen told the House during Question Hour that the government has tried not to impose the entire burden of international increase in petroleum products on the people.

"We have reduced sales tax on petroleum products and petroleum development levy to provide relief to the people."

The Finance Minister said that SBP's foreign exchange reserves have increased during the last one year, which will help ease the pressure on the rupee.

He said that the country's exports and remittances were increasing while the trade deficit was reduced by  1.5 billion last month.