Pakistan Prime Minister Shehbaz Sharif and Russian President Vladimir Putin. AP

Islamabad: A couple of weeks in the past, cash-strapped Pakistan backstabbed Russia by reportedly sending a consignment of arms and ammunition to Ukraine. Now, the Shehbaz Sharif-led nation is all set to welcome a delegation from Moscow to focus on oil import which can assist Islamabad save {dollars} and deal with skyrocketing gasoline costs.

A high-level delegation from Russia, comprising 80 members, shall be in Pakistan to attend the eighth session of the Inter-Governmental Commission (IGC) on commerce and cooperation scheduled from January 18-20. The delegation shall be led by Russia’s minister for power, The Express Tribune reported.

Key focus of bilateral talks

During the Pakistan go to, the Russian delegation will maintain talks on oil and liquefied pure fuel (LNG) commerce deal for a long-term foundation and can focus on the Pakistan Stream Gas Pipeline (PSGP) venture.

Moreover, discussions shall be held on commerce and investments, particularly in agriculture, power, schooling, IT, and finance, reviews stated.

Interestingly, if Pakistan, which goes by way of a extreme financial disaster and meals scarcity, is in a position to safe the offers at a reduction of 30 per cent, then the nation would have the ability to save over two billion {dollars} yearly.

Not simply that, the settlement on import of oil at an inexpensive value will even assist Pakistan get monetary savings and tame its hovering gasoline costs.

In 2022, a Pakistani delegation led by its petroleum minister Musadik Malik visited Russia to speak in regards to the settlement for the import of oil at an inexpensive value.

In December, Malik introduced that Russia had agreed to present crude oil at discounted costs to Pakistan. “An inter-governmental delegation led by the Russian energy minister will visit Pakistan next month (January) and we will try to firm up all the details I have shared with you so we can sign the agreement to buy crude oil, petrol and diesel at a discounted rate,” Malik had stated.

Russia-Ukraine War

A couple of weeks in the past, it was report that Pakistan is gearing up to ship one other consignment of arms and ammunition to assist Volodymyr Zelenskyy-led Ukraine within the ongoing struggle towards Russia.

A report by the Indian Defence Research Wing (IDRW) said earlier that the Pakistan Ordnance Factories (POF) will ship 159 containers of 155mm artillery shells, M4A2 propelling bag expenses, M82 primers, and PDM fuses to Kyiv. This was supposed to be shipped to Ukraine through Poland.

For the unversed, Pakistan and Ukraine have shared deep navy and industrial ties prior to now. The two nations get pleasure from an in depth relationship within the defence sector ever since Ukraine gained independence by breaking away from the erstwhile Soviet Union in 1991.

Pakistan Economic Crisis

Months after unprecedented floods ravaged Pakistan, the nation at present grapples with a extreme financial disaster and a resultant scarcity of meals objects.

Earlier this month, donors from internationally dedicated over USD 9 billion to assist Pakistan get better from the devastating floods. Besides non-public donors and worldwide monetary establishments, officers from round 40 international locations gathered in Geneva as Islamabad sought funds to cowl round half of a restoration invoice amounting to USD 16.three billion.

The Islamic Development Bank (USD 4.2 billion), the World Bank (USD 2 billion), Saudi Arabia (USD1 billion), in addition to the European Union and China have been among the many main donors.

(With inputs from businesses)

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