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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