The United Arab Emirates (UAE) said on Friday, that it is planning to deposit around $3 billion in central bank of Pakistan “in the next few days”, in fact a Pakistani official said Islamabad is also seeking to get allowance of deferred payments for the oil supplies from UAE.
Pakistan is facing financial crisis and is still battling in order to bring under control the gaping of current account shortfall that has wobbled Pakistan’s economy and also lowered its growth.
However, Islamabad is right now engaged with the bailout talks with the International Monetary Fund (IMF) but also got financial support and assistance from its close allies such as Saudi Arabia and China.
According to news reports, the UAE financial assistance and deposit is directly aimed at assisting monetary policy of Pakistan and also Abu Dhabi Fund for the development.
Hours after the reports from UAE over its support to Pakistan, Pakistani information minister Fawad Chaudhary said Islamabad was “also hoping to get deferment for oil payments” from UAE.
Fawad Chaudhary refused to declare the sum of amount sought by the deferred payment, but also said this things was one part of the discussion between the UAE and Pakistani officials that hassled UAE to announce its financial assistance of depositing $3 billion into the central bank of Pakistan.
Chaudhary further said UAE also planned to make investment including a desalination and refinery plants in Paksitan.
Saudi Arabia has in October, said to loan $6 billion to Pakistan including a $3 billion deposit into Pakistan’s foreign currency reserves and also another $3 billion in the deferred oil payments.