UAE crown prince arrives in Pakistan, likely to announce $6.2 billion aid

WION Web Team New Delhi, Delhi, India Jan 06, 2019, 01.07 PM(IST)

File photo of UAE crown prince  Sheikh Mohammed bin Zayed Al Nahyan Photograph:( DNA )

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The package expected to be announced by the crown prince, involves 3.2 billion dollar worth of oil supplies on deferred payment, besides a 3 billion us dollar cash deposit.

The UAE crown prince Sheikh Mohammed bin Zayed Al Nahyan has arrived in Pakistan for an official visit. The visit comes after the two parties finalised the terms and conditions for a  6.2 billion dollar aid package to Islamabad.

The UAE government's financial assistance comes as Pakistan is negotiating an 8 billion dollar bailout package from the international monetary fund to overcome a severe crisis that threatens to cripple the country's economy.

The package expected to be announced by the crown prince, involves 3.2 billion dollar worth of oil supplies on deferred payment, besides a 3 billion US dollar cash deposit.

The financial assistance from UAE is same to the support Pakistan received from Saudi Arabia.

Pakistan would get a total saving of about 7.9 billion dollars on oil and gas imports from the two friendly neighbours. This includes about & 3.2 billion each of oil supplies on deferred payments from the UAE and Saudi Arabia and about $ 1.5 billion trade finance from the International Islamic Trade Finance Corporation (ITFC).