Islamabad: The United Arab Emirates (UAE) has pledged USD 3 billion to help Pakistan address its balance-of-payments crisis, a news source reported. The Abu Dhabi Fund for Development said that it will soon transfer the said amount in the State Bank’s account to enhance foreign reserves.
On December 14, Pakistan had received its second bailout package worth USD 1 billion from Saudi Arabia. Another Saudi financial package is expected to arrive in January 2019.
During his visit to Saudi Arabia, Prime Minister Imran Khan had secured a bailout package to help address Pakistan’s balance of payments crisis. Riyadh had pledged USD 3 billion for a year. Riyadh had also agreed to provide a one-year deferred payment facility for import of oil worth USD 3 billion.
The first tranche worth USD 1 billion was transferred to the State Bank on November 9, but the amount had recently run out. With the arrival of the second tranche, the central bank’s reserves had reached a well over USD 7 billion.