Connect with us


After Saudi Bailout, Pakistan Seeks $6 Billion Aid From the UAE



Will the UAE come to the rescue of financially deprived Pakistan? Pakistan is actively exploring opportunities for seeking $6B aid from the UAE, after securing nearly $6.2B financial assistance from Saudi Arabia. If the aid is granted, Pakistan would cover its immediate financing needs for the current fiscal year. The amount is paid in the form of cash deposits and oil on deferred payments.

According to the sources, PM Imran Khan may fly to the Emirates after the upcoming visit of China. Both the sides have covered significant ground during the ministerial-level talks held at the Prime Minister’s Office.

The UAE delegation was led by State Minister and Officer of Abu Dhabi National Oil Company Dr Sultan Aljaber. The delegation agreed to strengthen economic, trade and investment relations.

The UAE and Pakistan have also agreed to resolve a decade-old dispute over $800 million outstanding payments that Etisalat owed to Pakistan on account of privatization dues of the Pakistan Telecommunication Limited (PTCL).

The financial assistance has been sought on the Saudi Arabian model. Last week, the kingdom agreed to place $3 billion with the State Bank of Pakistan and $3 billion worth oil on deferred payments facility.

The sources said Pakistan requested the UAE to place $5 billion interest-free deposits with the central bank in addition to giving $3 billion oil facility. Pakistan also discussed the country’s requirement of oil on deferred payment in continuation of the recent agreement with Saudi Arabia.

Pakistan’s oil import is expected to peak around $18 billion in the current fiscal year due to the increase in crude oil prices in the international markets. This has contributed to an exponential increase in the country’s external financing needs, which has left a financing gap of $12 billion.

Other News at EurAsian Times




Americas3 hours ago

What Is US’ Most Lethal Submarine Killer – The P-8 Poseidon Doing On India-China Border At 15,000 Feet?

US-made Boeing P-8I Poseidon maritime patrol aircraft, also known as ‘Submarine Killer’, has been deployed in Eastern Ladakh near the...

Featured3 hours ago

Indian BrahMos Goes Global; After Indonesia, Brazil Looks To Arms Its Gripen Jets With Indo-Russian Missile

The BrahMos-NG is intended to be a mini-version of the existing BrahMos, being lighter and shorter while still having a...

CHINA-amphibious-aircraft-AG600 CHINA-amphibious-aircraft-AG600
Asia Pacific4 hours ago

Seaplanes Set To Make A Comeback As China Threatens The US With Its Amphibious ‘Fish Dragon’

Decades ago, seaplanes proved their might during World War I for surveillance and reconnaissance. Not just that, seaplanes were later...

eurasian times eurasian times
Featured5 hours ago

Top Iranian Nuclear Scientist Assassinated Near Tehran; Fingers Raised Towards Mossad

A senior scientist linked to the Iranian nuclear program, Mohsen Fakhrizadeh-Mahabadi, was assassinated in Damavand, east of Tehran on Friday,...

indian-air-force indian-air-force
Featured8 hours ago

Third Indian MiG-29 Crashes In A Year – Is It Time To Bid Adieu To Russian Jets & Welcome Western Fighters?

The Indian Navy said on Friday that a MiG-29K trainer aircraft had crashed in the Arabian Sea around 5 pm...

Featured9 hours ago

Modi’s Trillion Dollar Baby: India Bets Big On Its Largest Govt-Funded Project – The Bullet Train

India is gearing up to build its first bullet train corridor covering 508 kilometers between Mumbai and Ahemdabad. The National...

india-russia india-russia
EurAsian Region10 hours ago

India, Russia To Showcase Their Naval Might In Joint Drills In Baltic Sea

The Russian and Indian navies are likely to conduct joint drills in the Baltic Sea sometime next year, according to...

Pakistani-Passport Pakistani-Passport
Featured12 hours ago

UAE Visa Ban Starts To Pinch Pakistan; 3000 Jobs Lost In First Week As Indian Workers Rejoice

OPED By Haider Abbas

Bubonic Plague Bubonic Plague
Americas13 hours ago

As China Slips In The Covid-19 Vaccine Race, Will Russia Eclipse The US & UK To Get The 1st Shot Out?

As the world continues to battle Covid-19, a study on the efficacy of Chinese Sinovac Biotech’s vaccine, published in the...

Featured14 hours ago

#LoveJihad: Democratic India Plans To Combat ‘Love Jihad’ In An Attempt To Control Interfaith Marriages

Hindu right-wing has coined the term “love jihad”, to describe the marriage of a Hindu girl to a Muslim boy....