ISLAMABAD: Kuwait has extended an oil credit facility to Pakistan for an additional two years, state-run media reported on Wednesday, with the development expected to help Islamabad manage its energy imports and maintain foreign exchange reserves.
The extension marks the first time that Kuwait has prolonged the credit facility for two years. The Gulf country typically grants Pakistan one-year extensions.
Expensive energy imports dominate Pakistan’s import bill. Suffering from a prolonged economic crisis for the past two years, Pakistan relies heavily on credit facilities and rollovers to maintain its foreign exchange reserve levels. In February this year, Saudi Arabia agreed to defer a $1.2 billion payment on Pakistan’s oil imports by one year.
“Kuwait has extended oil credit facility for Pakistan for another two years,” state broadcaster Radio Pakistan reported following a meeting between Kuwait’s ambassador to Pakistan and Petroleum Minister Ali Pervaiz Malik.
It said Malik thanked Kuwait for the “special concession,” adding that the facility has been extended by Kuwait Petroleum to the Pakistan State Oil.
“On the occasion, the two sides agreed to strengthen bilateral cooperation in the energy sector,” the state media said.
The Kuwaiti ambassador commended Pakistan’s significant economic progress, particularly in stabilizing the economy and improving the investment climate, Radio Pakistan said. He expressed confidence in Pakistan’s growth trajectory and reaffirmed Kuwait’s commitment to deepening economic and energy partnerships between the two nations.
Malik stressed Pakistan’s dedication to fostering stronger ties with Gulf nations, particularly in energy and trade.
Like most Gulf nations, Islamabad has cordial relations with Kuwait, which hosts around 95,000 Pakistanis. It enjoys cooperation with Kuwait at the UN, the Orgainsation of Islamic Cooperation (OIC) and other multinational forums such as the Financial Action Task Force (FATF).
In a first, Kuwait extends oil credit facility to Pakistan for two years
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In a first, Kuwait extends oil credit facility to Pakistan for two years
- Move will help Pakistan manage energy imports, maintain foreign exchange reserves
- Pakistan petroleum minister vows to strengthen ties with Gulf states in trade and energy
Customs seize narcotics, smuggled goods, vehicles worth $4.9 million in southwest Pakistan
- Customs seize 22.14 kg narcotics, consignments of smuggled betel nuts, Hino trucks, auto parts, says FBR
- Smuggled goods enter Pakistan’s Balochistan province from neighboring countries Iran and Afghanistan
ISLAMABAD: Pakistan Customs seized narcotics, smuggled goods and vehicles worth a total of Rs1.38 billion [$4.92 million] in the southwestern Balochistan province on Tuesday, the Federal Board of Revenue (FBR) said in a statement.
Customs Enforcement Quetta seized and recovered 22.14 kilograms of narcotics and consignments of smuggled goods comprising betel nuts, Indian medicines, Chinese salt, auto parts, a ROCO vehicle and three Hino trucks in two separate operations, the FBR said. All items cost an estimated Rs1.38 billion, it added.
Smuggled items make their way into Pakistan through southwestern Balochistan province, which borders Iran and Afghanistan.
“These operations are part of the collectorate’s intensified enforcement drive aimed at curbing smuggling and dismantling illegal trade networks,” the FBR said.
“All the seized narcotics, goods and vehicles have been taken into custody, and legal proceedings under the Customs Act 1969 have been formally initiated.”
In the first operation, customs officials intercepted three containers during routine checking at FEU Zariat Cross (ZC) area. The containers were being transported from Quetta to Pakistan’s Punjab and Khyber Pakhtunkhwa provinces, the FBR said.
The vehicles intercepted included three Hino trucks. Their detailed examination led to the recovery of the smuggled goods which were concealed in the containers.
In the second operation, the staff of the Collectorate of Enforcement Customs, Quetta, intercepted a ROCO vehicle at Zariat Cross area with the local police’s assistance.
The driver was interrogated while the vehicle was searched, the FBR said.
“During interrogation, it was disclosed that drugs were concealed inside the spare wheel at the bottom side of the vehicle,” it said.
“Upon thorough checking, suspected narcotics believed to be heroin was recovered which was packed in 41 packets, each weighing 0.54 kilograms.”
The narcotics weighed a total of 22.14 kilograms, with an estimated value of Rs1.23 billion in the international market, the FBR concluded.
“The Federal Board of Revenue has commended the Customs Enforcement Quetta team for their effective action and reiterated its firm resolve to combat smuggling, illicit trade and illegal economic activities across the country,” it said.
