Pakistan reportedly seeking $6 billion financial package from UAE

Pakistan reportedly seeking $6 billion financial package from UAE
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ISLAMABAD - Pakistan is reportedly seeking $6 billion assistance package from United Arab Emirates akin to Saudi Arabia.

As per the media report, Pakistan has asked for a financial assistance package worth $6 billion from the United Arab Emirates (UAE) in the form of deferred payment facility for the oil imports and interest-free cash deposits in the central bank.

A UAE delegation is on a visit to Pakistan under the patronage of Emirates’ Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company, Dr. Sultan Ahmad, under the special directions of Crown Prince Sheikh Mohamed bin Zayed Al-Nahyan.

The delegation has come to consider the prospects for projects benefiting both countries.

According to the Foreign Minister Shah Mehmood Qureshi, both countries are discussing the possible measures to ‘expand the economic sides of longstanding bilateral ties.’

Any official from the government has not revealed the details of the assistance package but the Finance Minister has stated that the discussions have been fruitful.

Reportedly, Pakistan has sought the assistance on the Saudi Arabian model, i.e., a deposit of $3 billion with the State Bank and $3 billion as deferred payment facility.

As for UAE , Pakistan has sought an interest-free deposit of $5 billion with the State Bank along with providing deferred payment oil facility worth of $3 billion.

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