UAE Crown Prince to announce $6.2 billion package for Pakistan

F.P. Report

ISLAMABAD: United Arab Emirates (UAE) Crown Prince Sheikh Mohammed bin Zayed Al Nahyan will reach Pakistan o his two day visit on Sunday and he is expected to officially announce a support package of about $6.2 billion for Pakistan.

According to reports, a high-level delegation of UAE will also accompany the UAE crown prince.

Media reports claimed that all relevant terms and conditions have been finalized, and UAE is about to induct $3 billion cash deposit into the economy of Pakistan and $3.2 billion worth of oil supplies on deferred payments for one year.

Earlier in December, UAE officially announced that it would assist Pakistan to help it overcome international payment crisis and to avoid the deal with the International Monetary Fund (IMF), which contained strict terms and conditions.

“UAE has announced its intention to deposit US$3 billion (equivalent to AED11 billion) in the State Bank of Pakistan (SBP) to support the financial and monetary policy of the Islamic Republic of Pakistan,” the Abu Dhabi Fund for Development (ADFD) said in a statement published by WAM news agency.

Moreover, the country to recover from its economic crisis has been supported by another $1.5 billion trade finance from the International Islamic Trade Finance Corporation (ITFC).

Earlier, Pakistan received $2 billion in cash from Saudi Arabia at an interest rate of 3.18 percent, whereas the third tranche of $1 billion is due in the first week of February.