ISLAMABAD - UAE government will deposit $3 billion in Pakistan’s reserves in instalments and would provide a $3 billion deferred oil payment facility, private media has reported.
The official said the $2 billion to be received from China will come in one-go.
Federal government was also working on purchasing 15 million renminbi’s (Yuan) at a commercial rate at an approximate cost of over $2 billion for trade with China in domestic currency which will assist Pakistan in easing pressure from the greenback.
Moreover, the official stated the recent statement by Finance Minister Asad Umar that Pakistan was in no hurry to get an International Monetary Fund (IMF) bailout highlights imminent relief from UAE and China to bolster forex reserves is on the cards.
He added the finance minister was aware that things were moving in right direction with China and UAE and negotiations with both countries have reached an advanced stage highlighting they were coming forth to rescue Pakistan from its existing economic quagmires.