After Saudi Arabia, the United Arab Emirates has also come to Pakistan’s rescue with a $6.2 billion economic deal for the key South Asian country.
Crown Prince Sheikh Mohammed bin Zayed Al Nahyan will unveil the package during his visit to Pakistan beginning Jan 6, Pakistan’s Dawn newspaper reported Saturday.
The massive package will help Islamabad address its balance of payments challenge as the UAE will deposit $3 billion to spur Pakistan’s foreign exchange reserves.
Since Imran Khan took over the reigns of the country, his government has been interacting with the Middle Eastern countries, who have traditionally had strong ties with Pakistan.
Like Riyadh, the UAE will also give Pakistan facility with $3.2bn worth of oil supplies on deferred payment.
Pakistan is also negotiating with the IMF for a possible bailout plan.
[…] WB report comes as Pakistan’s Imran Khan-led government tries to stabilize foreign reserves with the help of Arab allies and neighboring power China, and also looks to attract huge investments from Saudi Arabia to offset […]
[…] Pakistan has been in dire straits since last year, when its foreign exchange reserved dipped sharply to the surprise of economists. Since taking over the government last summer, PM Khan has secured billions of dollars in support and loans from friends and Arab allies including Saudi Arabia and United Arab Emirates. […]
[…] Pakistan has been in dire straits since last year, when its foreign exchange reserved dipped sharply to the surprise of economists. Since taking over the government last summer, PM Khan has secured billions of dollars in support and loans from friends and Arab allies including Saudi Arabia and United Arab Emirates. […]