ISLAMABAD (Kyodo) -- Pakistan and United Arab Emirates have finalized details of a multibillion dollar financial package to help Islamabad address its chronic balance of payments problem, a federal minister said Sunday.
Information Minister Chaudri Fawad Hussain told state-owned Pakistan Television that the package includes a cash deposit at the State Bank of Pakistan, a supply of petroleum products on deferred payment, and a refinery in Baluchistan.
"Segments of a financial package were given final shape. Discussions for the setting up of a refinery and other matters were finalized," the minister said after the conclusion of talks in Islamabad.
Crown Prince Sheikh Mohammed bin Zayed Al Nahyan flew into the capital earlier Sunday at the invitation of Prime Minister Imran Khan.
During his nearly five-hour stay, the crown prince, whose delegation included representatives of major UAE companies, held a one-on-one meeting with Khan in addition to delegation-level talks.
Last year Saudi Arabia agreed to provide a $6 billion support package of loans and deferred payments to help Pakistan's flagging economy.
Khan's government has approached the International Monetary Fund for a bailout and is seeking financial assistance from friendly countries to tide over its immediate foreign exchange payment problems. It is also contemplating the issuance of yuan bonds and euro bonds focused at Pakistani expatriates abroad.