Finance Minister Ishaq Dar has said that Pakistan has informed the US of its decision to purchase oil from Russia, but only on terms that are better than those provided to India.
On Wednesday, following his trip to Washington, Dar also disclaimed any intention of turning to the International Monetary Fund for assistance or “pleading” with other nations to send aid to flood victims. He gave the markets his word that they shouldn’t panic and that the foreign exchange reserves will shortly increase.
Dar, while talking to the media at the All Pakistan Chartered Accountants Conference 2022, said that “The government has been actively pursuing the policy of purchasing cheaper oil from Russia, and I have informed the Americans about our intention during a meeting with the US officials.
Dar told the US of Pakistan’s decision during a meeting with the Assistant Secretary for the South and Central Asia Bureau of the State Department, Donald Lu, and Assistant Secretary for the Bureau of Economic and Business Affairs Ramin Toloui.
The declaration is aligned with Pakistan’s vocal support for Saudi Arabia’s plan to reduce oil production, even though the 2% decrease in crude oil output could cause oil prices to jump, which would be detrimental to Pakistan’s fragile external sector situation.
According to the finance minister, Pakistan could benefit from purchasing Russian oil if India did. Dar declared, “We won’t sign a contract with terms that are worse than those of India.
India has replaced China as Moscow’s top oil consumer, and China is now purchasing Russian oil at a co
