Pakistan’s economic tension might witness a cool down as the country has recently discovered substantial deposits of petroleum and natural gas in its territorial waters. The deposit that has been discovered can prove significant in changing the country’s destiny, according to a report in the Pakistani daily Dawn.
The government department in Pakistan, through a geographic survey, has been able to identify the exact location of the deposits.
While commenting on recent developments, an official in the report said that the deposits could strengthen Pakistan’s blue water economy. He added that proposals for bidding and exploration are ongoing. The exploration process will likely start soon.
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“If this is a gas reserve, it can replace LNG imports, and if these are oil reserves, we can substitute imported oil,” said former Ogra member Muhammad Arif in the report.
He added that the exploration of petroleum and natural gas deposits alone was backed by nearly $5 billion in investment. The country would need more funds to finance the infrastructure needed to extract the reserves and produce fuel.
Pakistan for years now has been grappling with financial stress. In recent times, its debts have gone up, and inflation has refused to touch ground, leaving the country’s financial fate at the mercy of foreign aid. On the other hand, political instability has made matters worse.
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Nearly 74 per cent of the country’s urban population is struggling to meet their monthly expenses with their current income level, according to an ARY News report based on a survey. The situation has become so difficult for people that close to 10 per cent of people have started doing part-time jobs to improve their income.
Recently, in July, the International Monetary Fund (IMF) said it reached a staff-level agreement with the country for a $7 billion loan for 37-months aimed at offering financial stability to the country.
