Cash & oil package : Emirates Crown Prince due today with $6.2b deal

ISLAMABAD: United Arab Emirates (UAE) Crown Prince Sheikh Mohammed bin Zayed Al Nahyan is expected to officially announce a support package of about $6.2 billion for Pakistan during his two day visit to the country on January 6. A high level delegation will accompany the crown prince.Reportedly, all relevant terms and conditions have been finalised, and the UAE is about to induct $03 billion cash deposit into the Pakistan economy and $3.2 billion worth of oil supplies on deferred payments for one year.In December 2018, the UAE officially announced that it would assist Pakistan to overcome international payment crisis and to avoid the deal with the International Monetary Fund (IMF) which contained strict terms and conditions.The UAE has announced its intention to deposit $03 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 $01 billion is due in the first week of February.

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