UAE to announce $6.2 billion package for Pakistan
Crown Prince Sheikh Mohammed bin Zayed Al Nahyan is expected to visit Pakistan on Jan 6.
(Web Desk) - United Arab Emirates (UAE) Crown Prince Sheikh Mohammed bin Zayed Al Nahyan is expected to officially announce a support package of about $6.2 billion for Pakistan during his two-day visit to the country on January 6.
A high-level delegation will accompany the crown prince.
Reportedly, all relevant terms and conditions have been finalised, and UAE is about to induct $3 billion cash deposit into the economy of Pakistan and $3.2 billion worth of oil supplies on deferred payments for one year.
In December 2018, UAE officially announced that it would assist Pakistan to help it overcome international payment crisis and to avoid the deal with the International Monetary Fund (IMF), which contained strict terms and conditions.
“UAE has announced its intention to deposit US$3 billion (equivalent to AED11 billion) in the State Bank of Pakistan (SBP) to support the financial and monetary policy of the Islamic Republic of Pakistan,” the Abu Dhabi Fund for Development (ADFD) said in a statement published by WAM news agency.
Moreover, the country to recover from its economic crisis has been supported by another $1.5 billion trade finance from the International Islamic Trade Finance Corporation (ITFC).
Earlier, Pakistan received $2 billion in cash from Saudi Arabia at an interest rate of 3.18 percent, whereas the third tranche of $1 billion is due in the first week of February.
