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Pakistan likely to receive $1bn from UAE, Saudi oil on deferred payments next month

SAMAA | - Posted: Mar 27, 2019 | Last Updated: 11 months ago
SAMAA |
Posted: Mar 27, 2019 | Last Updated: 11 months ago
Pakistan likely to receive $1bn from UAE, Saudi oil on deferred payments next month

Photo: AFP

Pakistan is likely to receive $1 billion, the third and last installment of the $3 billion loan promised to the country by the UAE, next week, sources said Wednesday.

In January, Pakistan and UAE signed an agreement for a $3 billion loan to Islamabad. The rate of return for the loan is 3%. The funds were to be transferred to Pakistan in three installments.

In December, 2018, the UAE announced a $3 billion bailout package for Pakistan to overcome its balance of payment issue under the Abu Dhabi Fund for Development.

Related story: Pakistan receives $2.2 billion loan from China

The source also said that Saudi Arabia will start providing Pakistan oil on deferred payments from April. Pakistan is likely to get oil worth $200 to 250 million every month.

On March 25, Pakistan received $2.2 billion from China.

Pakistan’s total foreign exchange reserves stand at $17.18 billion. These include $10.67 billion reserves held by the State Bank.

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