UAE

The United Arab Emirates (UAE) has finalized the financial bailout package for Pakistan in order to help Pakistan to come out from its current financial turmoil, the sources said.

According to local news Channel ARY, the UAE has broken down the financial package in two different formats, one is the $3.2 billion deferred oil payments and the other one is $3 billion cash deposit.

The sources said UAE’s Prince Mohammad Bin Zaid Al Nahyan will soon announce the bailout package of $6.2 billion on his scheduled visit to Pakistan on January 6. An official told that this package is carrying almost the same terms and conditions as associated with the package given by Kingdom of Saudi Arabia (KSA).

The package offered by UAE was finalized during this week because the Prince had to visit Pakistan on January 6 and it was necessary to complete the details of the package before his visit the official said.

The offers from both Arab countries including UAE and Saudi Arabia will prove to be a big help for Pakistan because Pakistan would roughly save $6.4 billion on Oil & Gas imports from these two countries which is definitely providing a cushion to Pakistan’s economy.

Pakistan has also engaged Qatar to relief Pakistan in LNG prices so it could further release the stress on import bills, the government is in talks with Qatar to reduce the LNG prices for Pakistan however; this could take some time as the deal is in the initial phase.

Pakistan had to receive $3 billion cash from Saudi Arabia out of which $2 billion has already been received and the third $1 billion payment is due during the first week of February. It was reported earlier in September that UAE’s Al-Futtaim group is ready to invest $230 million in Pakistan’s auto sector. This investment will further create opportunities for Pakistan in local manufacturing, job creation, and exports.

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