UAE finalises US $6.2 billion bail-out package for Pakistan

ANI
Islamabad, Pakistan Updated: Jan 05, 2019, 11:04 PM(IST)

File photo of Pakistan's Prime Minister Imran Khan. Photograph:( Reuters )

Story highlights

Dawn newspaper has reported that the bail-out package will be announced by the Crown Prince Sheikh Mohammed bin Zayed Al Nahyan of UAE, who will be embarking on his two-day visit to Pakistan on January 6.

The United Arab Emirates (UAE) has finalised a bail-out package worth around US $6.2 billion to assist Pakistan`s struggling economy.

The package will enable Pakistan to deal with its balance-of-payments crisis.

Dawn newspaper has reported that the bail-out package will be announced by the Crown Prince Sheikh Mohammed bin Zayed Al Nahyan of UAE, who will be embarking on his two-day visit to Pakistan on January 6.

The package involves US $3.2 billion worth of oil supplies on deferred payment, in addition to a cash deposit worth US dollar three billion.

Quoting a source, Dawn stated that the bailout package, finalised on January 3, was almost of the same size of the bail-out given by Saudi Arabia to Pakistan last year in October.

The source said that the bail-out package would further help Pakistan to save around US $7.9 billion on oil and gas imports, accounting to more than 60 per cent of annual oil import bill of about US $12 to 13 billion, from the UAE and Saudi Arabia.

Pakistan is also negotiating with the Government of Qatar in order to seek some reductions in the prices of liquefied natural gas (LNG). 

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