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UAE finalizes financial package for Pakistan: sources |
ISLAMABAD, JAN 05 - The United Arab Emirates (UAE) have finalized a financial package for Pakistan to extend help to the friendly country in its current account deficit woes, sources said.
The UAE package comprises of $3.2bn worth of oil supplies on deferred payment, besides a $3bn cash deposit, sources said.
The fiscal package of around $6.2 billion is expected to be announced by UAE Crown Prince Sheikh Mohammed bin Zayed Al Nahyan during his scheduled visit of Pakistan which will begin on January 6.
According to an official the UAE package will be under the same terms and conditions as given by the Kingdom of Saudi Arabia.
The package with the UAE was finalized this week, the official said.
The deferred payment facility for the Saudi and UAE oil will help Pakistan to save about $6.4 billion on oil and gas imports from the two countries.
According to reports, the government has also started backchannel talks with Qatar for relief in reduction in LNG prices, but the matter is in its initial phase.
Pakistan has already received $2bn in cash deposit from Saudi Arabia and the third installment of $1bn is due in the first week of February.
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