Russian oil only on favourable terms: Dar

Pakistan has informed the US about its decision to buy oil from Russia but only at terms that are favourable than offered to its arch-rival India, said Finance Minister Ishaq Dar on Wednesday. Dar, in his first public event after returning from Washington, also ruled out seeking any relief from the International Monetary Fund and “begging” from other countries for aid for the flood victims. But he assured the markets that there was no need to panic and foreign exchange reserves will soon be up. “The government has been actively pursuing the policy of purchasing cheaper oil from Russia and I have sounded the Americans about our decision during a meeting with the US officials,” sad Dar while speaking to media after the All Pakistan Chartered Accountants Conference 2022. The conference was arranged by the Institute of Chartered Accounts of Pakistan. The minister informed the US about Pakistan’s decision during a meeting with Ramin Toloui, the Assistant Secretary for the Bureau of Economic and Business Affairs and Donald Lu, Assistant Secretary for South and Central Asia Bureau of the State Department.