Minister for Finance Asad Umar has said the financial assistance pledged by the friendly countries was sufficient to bridge the current account deficit for present fiscal year.
Briefing the Senate's Standing Committee on Finance, Revenue, and Economic Affairs about the country's current economic status in Islamabad on Wednesday, the Minister said due to the measures taken by the present government on war footing basis, the current account gap had almost been plugged.
Asad Umar said Saudi Arabia had already released $2 billion out of agreed $3 billion in cash, while 98 per cent work regarding purchase of oil for one year on deferred payment had been completed.
He said efforts are being made to make similar arrangements with the United Arab Emirates and in this connection talks are underway.
The Minister said matters with respect to financial and trade agreements with China had also been finalized.