Pakistan to receive $6 billion Assistance package from brotherly country

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Pakistan to receive $6 billion Assistance package from brotherly country

ISLAMABAD - Pakistanto receive $6 billion assistance package from the United Arab Emirates (UAE), sources said Sunday.

The sources further explained that the interest rate on the amount the UAE will deposit in the State Bank of Pakistan (SBP) will be at an interest rate of 2.18 percent.

The monetary package, courtesy of the Emirates, is expected to comprise cheaper loans and budget support as part of the economic aid, sources added. In addition, the UAE is also expected to sell on credit $3 billion worth of oil for three years — oil valued at $250 million every month.

Earlier, on Friday, the UAE had announced to deposit $3 billion in the SBP to support Pakistan's financial and monetary policy. link link

It will do so "to support the financial and monetary policy of the Islamic Republic of Pakistan and to enhance liquidity and monetary reserves of foreign currencies at the State Bank of Pakistan", the UAE Embassy in Islamabad had said in a statement.