Pakistan signs USD 6.2 bn support package with UAE - Zameen News

Pakistan signs USD 6.2 bn support package with UAE

January 7, 2019 • news

Islamabad: Information Minister Fawad Chaudhry said Pakistan and the United Arab Emirates (UAE) had signed a USD 6.2 billion bailout package during the visit of Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan – a news source reported.

Read: Pakistan receives second tranche from Saudi Arabia

Under this agreement, Pakistan will receive a USD 3 billion loan on 2.8% interest rate, as well as USD 3.2 billion for supply of oil on deferred payments.

The Abu Dhabi Fund for Development had previously announced that it would soon transfer the amount in the State Bank’s account to increase Pakistan’s foreign reserves.

Last week, the two countries finalized the terms of the bailout package – pledged by the UAE government during Prime Minister Imran Khan’s visit to Dubai in November – for Pakistan to address its balance of payments crisis.