ISLAMABAD: The UAE Crown Prince Sheikh Mohammed bin Zayed Al Nahyan will consult with Pakistan on Sunday after the 2 facets finalised the phrases and conditions for a USD 6.2 billion assistance package to Islamabad to reinforce its foreign exchange reserves and the government's fiscal policies. The UAE govt's financial assistance comes as Pakistan is negotiating a USD eight billion bailout package from the International Monetary Fund (IMF) to overcome a severe balance-of-payments crisis that threatens to cripple the rustic's economy.
The package, which is predicted to be announced by the Crown Prince, involves USD 3.2 bn price of oil provides on deferred cost, but even so a USD 3 bn cash deposit, the Dawn reported.
"The UAE's package was exactly of the same size and terms and conditions as given by Saudi Arabia. The UAE package was finalised on Thursday evening," a member of the Pakistan's cabinet used to be quoted as saying by the paper.
The financial the help of UAE is identical to the fortify Pakistan received from Saudi Arabia.
"With this, Pakistan would get a complete saving of about USD 7.9 bn on oil and fuel imports from the 2 friendly international locations -- accounting for greater than 60 in line with cent of annual oil import invoice of about USD 12-13 bn, the cabinet member stated.
This includes about USD 3.2 bn every of oil provides on deferred funds from the UAE and Saudi Arabia and about USD 1.five bn trade finance from the International Islamic Trade Finance Corporation (ITFC), the paper reported.
Pakistan's all weather ally China has additionally pledged to provide a beneficiant aid to Islamabad to overcome its financial woes. Beijing has no longer yet published the quantum of its financial fortify.
Prime Minister Imran Khan has stated Chinese President Xi Jinping has requested him not to reveal the amount.
The Trump management is making all efforts to make sure that any IMF mortgage to Pakistan is not used to pay off its Chinese debt.
The US feels that the massive Chinese debt is answerable for Pakistan's economic challenges.
"We are working and making transparent throughout the IMF that if it were going to supply any funding to Pakistan that it could no longer be used to pay off Chinese loans," David Malpass, Under Secretary of Treasury for International Affairs, told lawmakers all over a up to date Congressional hearing.
There are concerns among American lawmakers that the Pakistan might use the IMF cash to pay off the Chinese money owed.
The package, which is predicted to be announced by the Crown Prince, involves USD 3.2 bn price of oil provides on deferred cost, but even so a USD 3 bn cash deposit, the Dawn reported.
"The UAE's package was exactly of the same size and terms and conditions as given by Saudi Arabia. The UAE package was finalised on Thursday evening," a member of the Pakistan's cabinet used to be quoted as saying by the paper.
The financial the help of UAE is identical to the fortify Pakistan received from Saudi Arabia.
"With this, Pakistan would get a complete saving of about USD 7.9 bn on oil and fuel imports from the 2 friendly international locations -- accounting for greater than 60 in line with cent of annual oil import invoice of about USD 12-13 bn, the cabinet member stated.
This includes about USD 3.2 bn every of oil provides on deferred funds from the UAE and Saudi Arabia and about USD 1.five bn trade finance from the International Islamic Trade Finance Corporation (ITFC), the paper reported.
Pakistan's all weather ally China has additionally pledged to provide a beneficiant aid to Islamabad to overcome its financial woes. Beijing has no longer yet published the quantum of its financial fortify.
Prime Minister Imran Khan has stated Chinese President Xi Jinping has requested him not to reveal the amount.
The Trump management is making all efforts to make sure that any IMF mortgage to Pakistan is not used to pay off its Chinese debt.
The US feels that the massive Chinese debt is answerable for Pakistan's economic challenges.
"We are working and making transparent throughout the IMF that if it were going to supply any funding to Pakistan that it could no longer be used to pay off Chinese loans," David Malpass, Under Secretary of Treasury for International Affairs, told lawmakers all over a up to date Congressional hearing.
There are concerns among American lawmakers that the Pakistan might use the IMF cash to pay off the Chinese money owed.
UAE crown prince to visit Pak; may announce $6.2bn aid
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January 05, 2019
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