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Falling crude prices save Pakistan $4 billion in 11 months

ISLAMABAD (Dunya News) – National exchequer saved around USD 4 billion due to falling crude price in the international market, reported Tuesday.

According to sources privy to the Finance Ministry, total money spent on imported crude and other petroleum products in eleven months of fiscal year 2015-16 shrank by 35 percent and stagnated at $6.8 billion.

$4.7 billion worth of crude oil was imported while authorities spent around $2 billion on import of other petroleum products.

Experts have said that the saved funds would help balance the international payments and foreign exchange reserves have exceeded USD 21 billion.

They further said that the government was about to finish International Monetary Fund’s economic loan programme.