Economy was destroyed in last four years: Ishaq Dar

DUBAI, Nov 13 (SABAH): Finance Minister Muhammad Ishaq Dar said on Sunday that the United States cannot stop Pakistan from purchasing Russian oil and it will be possible to do so soon.

While addressing Pakistan Muslim League – Nawaz (PML-N) workers in Dubai, Muhammad Ishaq Dar said during his visit to the US last month, he had a meeting with the officials of the US State Department in which the matter of oil purchase from Russia was discussed.

He furthered that the US authorities were informed that they cannot stop Islamabad from buying oil from Moscow as the country’s neighbor India is also buying oil from them.  Ishaq Dar also said that the ministry will try to purchase oil from Russia on similar terms as it has with India.

“In the next few months, you will see that the government will take important steps in favor of Pakistan in this regard,” added the finance minister.

Muhammad Ishaq Dar said that the country has financial dealings with Saudi Arabia, China, and the United Arab Emirates (UAE). “During the prime minister’s visit to Saudi Arabia, meetings were also held with the Saudi authorities. From these meetings, you will see that there will be further improvement for Pakistan,” said Ishaq Dar.

He also said that Saudi Arabia will set up a refinery in Gwadar, adding that this is an investment of around $11 or $12 billion. He further said that this project was started in October 2015 that he was in Riyadh at that time and that he had meetings with high Saudi officials. He said that the economy of the country was destroyed in the previous four years.

“Due to the political crisis and change of government in Pakistan, this refinery could not be established, now it has been decided to establish the refinery again,” the finance minister added.