GWADAR: Saudi Minister for Energy, Industry and Minerals Khalid Abdul Aziz D. Al Falih arrived here today with a delegation to inspect the land allocated for a proposed oil refinery.
Minister for Petroleum Ghulam Sarwar Khan, Ghulam Sarwar Khan speaking on the occasion said state-of-the-art oil refinery was the biggest investment project of Saudi Arabia in Pakistan.
He added that during the visit of Saudi crown prince to Pakistan next month MoU apropos the oil refinery will also be signed.
Relevant Piece 1: A delegation of Saudi Arabia arrived here today to inspect the site for the proposed oil refinery at the deep seaport city, the ultimate destination of the China Pakistan Economic Corridor. Federal Minister for Petroleum and Natural Resources Ghulam Sarwar Khan received the delegation, which was led by Saudi Minister for Energy, Industry and Mineral Resources Khalid Abdul Aziz D Al Falih. Ghulam Sarwar Khan said Pakistan and Saudi Arabia were enjoying cordial relations. Describing the refinery a ‘state-of-the-art facility’, he said it would the biggest investment of the Saudi government in Pakistan, for which a Memorandum of Understanding was expected to be signed next month. Chief Executive Officer of Aramco Associates Company Al Buainain Ibrahim Qassim was also part of the delegation.
Relevant Piece 2) Saudi Minister of Energy and Industry, Prince Engineer Khalid Abdulaziz Al-Falih on Saturday said Saudi Arabia would make a historic investment in Pakistan. Mutual cooperation of Pakistan, China and Saudi Arabia on Gwadar Port, which was located in an important region, would be exemplary, he said during a meeting here with Minister for Petroleum Ghulam Sarwar Khan and Minister for Maritime Affairs Syed Ali Haider Zaidi. During the meeting, both sides reviewed possibilities of expanding exports and discussed the prospects of active cooperation to realize the existing potential of the Gwadar Port. The two sides also discussed the possibilities of financial cooperation to enable Pakistan to exploit energy, sanitation and mineral resources judiciously. Earlier on his arrival in Pakistan, the Saudi minister along with his delegation was received by ministers Ghulam Sarwar Khan and Syed Ali Haider Zaidi at Gwadar Airport. Deputy Ambassador of Saudi Arabia in Pakistan Habibullah Bukhari was present on the occasion. The visiting dignitary was given a briefing by GPA Chairman Dosteen Khan and GDA Director General Dr. Sajjad Baloch about the Gwadar Port and the development projects at the China Complex. It may be added that the objective of the Saudi minister’s visit is to finalize the proposed agreements and modalities to implement and enhance the cooperation between the two states in the fields of oil refining, petrochemical, mining and renewable energy in Pakistan.
Pakistan’s economic condition has improved: Dr Reza Baqir
ISLAMABAD: State Bank of Pakistan Governor Dr Reza Baqir, while addressing a press conference here, has said that Pakistan’s economic condition was improving due to the positive policies taken by the government.
“Our external deficit and fiscal deficit are being addressed according to our economic plan,” he said, adding the government was striving hard to bring economic stability in the country.
He said that the government was taking measures to restore people’s confidence in the economy and added that Pakistan’s economic future was bright. In the past, government had been interfering in the exchange rate system, he added.
The SBP governor said that the burden of external debt payments reduced due to the devaluation of rupee. He said that exchange rate policy was the part of reform process. Baqir said that the government was not taking loan from SBP during the current fiscal year.
Earlier on June 14, good economic policies ensured a strong national economy, Prime Minister’s Adviser on Finance Abdul Hafeez Shaikh had said.
The adviser was addressing a gathering of the Council of Foreign Relations in Karachi. The governments in the past failed to devise the policies for lasting economic development, the finance adviser had said.
Nahakki Tunnel opened for traffic
ISLAMABAD: The 745-meter-long Nahakki Tunnel has been completed in Mohmand Agency.
The tunnel has been opened for all kinds of traffic as well. Locals talking to a private news channel said after the construction of the tunnel, traveling of five hours has been reduced to merely 2.5 hours.
People said they were happy with this infrastructure as it would facilitate them in traveling and save time.
Turkey hits out at Moody’s after credit rating cut
ANKARA: Turkey on Saturday lambasted Moody’s ratings agency after it cut Ankara’s credit rating further into junk territory, saying the downgrade raised concerns over the institution’s “objectivity and impartiality”.
The agency downgraded the long-term debt rating to B1 from Ba3 and said it maintained the negative outlook for Turkey, in a statement late Friday.
Although the country had a “large, diverse economy” and government debt was low, Moody’s said this was outweighed increasingly by “continued erosion in institutional strength and policy effectiveness on investor confidence”.
But the Turkish treasury and finance ministry said the move was “incompatible with the Turkish economy’s fundamental indicators”.
“As a result, this raises questions over the objectivity and impartiality of the body’s analyses,” the ministry added in a statement.
It pointed to rising tourism revenues, falling inflation, and a new judicial reform package as examples of “very positive developments that we sadly see are being ignored”.
The Turkish economy entered into recession for the first time in a decade last year following a currency crisis in the summer amid tensions with the United States.
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