United Arab Emirates hands Pakistan US$6.2 billion lifeline, but ‘drastic economic reforms are still needed’
- The package, which includes billions in deferred payments for oil supplies, was finalised during a meeting between the countries’ leaders on Sunday
Pakistan is set to receive a US$6.2 billion lifeline courtesy of the United Arab Emirates, according to a senior government official in Islamabad.
The package, which will include US$3.2 billion of oil supplies on deferred payment, was finalised during a meeting between Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed and Pakistani Prime Minister Imran Khan on Sunday, said the official, who was not authorised to speak publicly on the matter.
Pakistan’s Information Minister Fawad Chaudhry confirmed that Abu Dhabi would be making “huge investments” in the country, without specifying the amount.
“This includes the building of an oil refinery in Pakistan. An agreement on deferred oil payments has also been finalised and will be formally announced soon,” he said.
Abid ul Ghafoor, an official at the UAE embassy in Islamabad, said Abu Dhabi would set up a fund to invest in sectors such as oil, tourism and agriculture.
