ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintTitle ChevronIcon Twitter
International relations

UAE finalizes details of Pakistan support plan

Package includes cash deposit at central bank and a supply of petroleum products

Men sell vegetables at the Empress Market in Karachi, Pakistan. The UAE will assist Islamabad in bolstering its flagging economy.   © Reuters

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more