Saudi, U.A.E. Loans to Help Pakistan Avert Financial Crisis
- Pakistan minister said investment pact with China is next
- Pakistan got $1 billion each from the U.A.E, Saudi Arabia
A market in Karachi
Photographer: Asif Hassan/AFP via Getty Images
Pakistan received $1 billion from Saudi Arabia Friday, a day after the United Arab Emirates deposited the first installment of a $3 billion financial support package aimed at helping the South Asian nation tide over a balance-of-payment crisis.
The U.A.E. transferred $1 billion as part of an agreement between Pakistan and the Abu Dhabi Fund for Development this month, the central bank said in a statement on Twitter Thursday. The total transfers so far from the U.A.E and Saudi Arabia stand at $4 billion, and will boost Pakistan’s reserves that had fallen to $6.64 billion, or less than two months of import cover, in the week ended Jan. 18. Riyadh also has pledged to supply oil worth $3 billion on deferred payments.