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March 17, 2014

Motive behind Saudi help being concealed: Sethi

March 17, 2014

LAHORE: Senior analyst Najam Sethi said on Sunday the Saudi Arabian help and some government policies had led to appreciation of the rupee against the dollar.
Speaking in Geo News programme ‘Aapas Ki Baat,’ he said the new government had to face inflation which appreciated the dollar as note printing added to the dollar value. “Foreign exchange reserves were also decreasing after imbalance in exports and exports. People also buy dollars when it is appreciating to make profit. Over $10 million are traded in Pakistan daily. Exporters also withheld dollars for two months and Ishaq Dar knew who had hoarded them and that was why he asked them to sell dollars,” he added.
The senior analyst said the government started talks with the IMF. “The government will also earn at least $6m by privatizing 31 departments. Ishaq Dar knew that if the World Bank agreed to lend, the ADB and others will follow the suit. He said the ADB and the World Bank promised $500 million and $1 billion respectively. Similarly, $800 million were to come Etesalat, besides inflow from the Coalition Support Fund and issuance of 3G and 4G licences.
In 1997, Nawaz had received oil facility and paid after three years. The Saudis did not provide the facility to any other Pakistani leader. There is no secret Nawaz has special relations with the Saudi rulers,” he explained.
Sethi said a question was raised in the parliament whether the Saudi Arabian aid was loan, assistance or deposit? He said actually Saudi Arabia had deposited the money in the State Bank of Pakistan instead of depositing it in its own bank. “Saudi Arabia can withdraw it anytime. Apart from friendship among states, money is money and if something is taken, something has to be given in return and that is being kept secret. Saudi Arabia had made a request; it had regional and political reservations about the situation in Syria,” he added.
The senior analyst said, “The US also wanted pro-west powers in

Syria. On the emergence of liberal powers, Saudi Arabia decided to support certain groups in Syria. In attempts to strengthen liberal powers, the US and Europe were frightened when they saw Sunni and al-Qaeda groups getting stronger in Syria, so they withdrew their support which strengthened Bashar al-Assad’s position. Saudi Arabia stressed their interference, and later contacted Pakistan. Pakistan avoided military support as the situation could have created trouble for it. Then Saudi Arabia demanded supply of weapons to Jordan, Kuwait or a third country and, in return, expressed willingness to give money to Pakistan. However, the Foreign Office has denied it. The fallout of such a situation, 100 per cent, can be dangerous for Pakistan.”

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