ISLAMABAD: United Arab Emirates (UAE) Crown Prince Sheikh Mohammed binZayed Al Nahyan is expected to make a big announcement over economicassistance package for Pakistan.
As per media report, he will reach Pakistan on his two day visit on Sundayand he is expected to officially announce a support package of about $6.2billion for Pakistan.
According to reports, a high-level delegation of UAE will also accompanythe UAE crown prince.
Media reports claimed that all relevant terms and conditions have beenfinalized, and UAE is about to induct $3 billion cash deposit into theeconomy of Pakistan and $3.2 billion worth of oil supplies on deferredpayments for one year.
Earlier in December, UAE officially announced that it would assist Pakistanto help it overcome international payment crisis and to avoid the deal withthe International Monetary Fund (IMF), which contained strict terms andconditions.
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“UAE has announced its intention to deposit US$3 billion (equivalent toAED11 billion) in the State Bank of Pakistan (SBP) to support the financialand monetary policy of the Islamic Republic of Pakistan,” the Abu DhabiFund for Development (ADFD) said in a statement published by WAM newsagency.
Moreover, the country to recover from its economic crisis has beensupported by another $1.5 billion trade finance from the InternationalIslamic Trade Finance Corporation (ITFC).
