Pakistan seeks $3 billion financial assistance package from yet another Islamic Country

Pakistan seeks $3 billion financial assistance package from yet another Islamic Country
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ISLAMABAD - Pakistan is seeking financial assistance package from the brotherly country of United Arab Emirates similar in nature to the Saudi Assistance package.

As pet media report, Pakistan has asked United Arab Emirates (UAE) for providing similar kind of oil facility on deferred payment up to $3 billion on the basis of 365 days as being finalised by Kingdom of Saudi Arabia.

Islamabad also made request to UAE for placing same terms and conditions as being done by KSA for providing oil facility on deferred payment.

“We have requested to UAE for providing similar oil facility on deferred payment as being finalised by KSA as currently payment is made on consignment basis after a month but now under the proposed mechanism the payment will be made after 365 days,” top officials of PTI government said.

This kind of breathing space if agreed to provide by UAE will help Islamabad to negotiate a better deal with the IMF. Pakistani authorities are expecting some positive outcome within this ongoing month on proposed financial package from all bilateral donors especially from Arab friends, said the official.

Pakistan’s fuel import both oil and LNG stood at $16 billion per annum basis.

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