ISLAMABAD: Riaz Hussain Pirzada – Pakistans Federal Minister for Inter-provincial Coordination (IPC) has accused the Saudi government of creating instability across the Muslim world, including Pakistan, by distributing money to promote its ideology. DawnNews reports that while addressing a two-day ‘Ideas Conclave’ organised by the “Jinnah Institute” think tank in Islamabad, the minister said ‘the time has come to stop the influx of Saudi money into Pakistan.
Saudi Arabia had in February last year, loaned $1.5 billion to Pakistan to ostensibly help Islamabad shore up its foreign exchange reserves, meet debt-service obligations and undertake large energy and infrastructure projects. A Reuters report at the time said, the Saudi assistance contributed to a sharp recovery of the Pakistani rupee, which rose to a nine-month high of 97.40 from 105.40 against the dollar between March 4 and 12 of 2014, its strongest rally in 30 years.
The governor of the Saudi central bank had declined to comment, and officials gave no details of the loan terms. An official based in Lahore had said the money went into an account known as the Pakistan Development Fund set up to channel money from friendly countries like Saudi Arabia and the United Arab Emirates.
We have a promise of a total $3 billion, of which $1.5 billion has been received so far, the second official had said. Most recently, we got $750 million from the Saudis.
At the time, Pakistani Finance Minister Ishaq Dar had also confirmed that $1.5 billion was received under the development fund but declined to comment on the source.
Why do you want to expose our friends? he told reporters. The countries who have helped us dont want us to disclose the source.
Pakistani Prime Minister Nawaz Sharif has long enjoyed close relations with the Saudi royal family. After his second term as prime minister was ended by a military coup in 1999, he was sent into exile in Saudi Arabia.
Prince Alwaleed bin Talal, the Saudi financier and member of the House of Saud, had described Sharif as Saudi Arabias man in Pakistan. In fact, the Prime Minister of Pakistan has just returned from a two-day private visit to Riyadh, to inquire about the health of King Abdullah bin Abdul Aziz, who is reportedly been in poor health.
DawnNews reports that minister Riaz Hussain Pirzada also blasted his own government for approving military courts in the presence of an ‘independent and vibrant judiciary’ and said that military courts reflect ‘weak and coward leadership. “Such cowardly leadership has no right to stay in power,” he said.
In her opening remarks at the ‘Ideas Conclave, Chairperson of Jinnah Institute Sherry Rehman said that the two-day conference would deliberate upon new ideas needed for a progressive and better Pakistan.
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