Pakistan secures $4 bn from UAE, Saudi Arabia | Page 2 | Sunday Observer

Pakistan secures $4 bn from UAE, Saudi Arabia

22 January, 2023

ISLAMABAD: Pakistan has secured financial support of about USD 4 billion from the United Arab Emirates and Saudi Arabia to prevent itself from entering into default amid shrinking foreign exchange reserves, flood damages and an economic slowdown, reported Pakistan-based ‘Dawn’ newspaper.

According to two separate official announcements, UAE pledged to roll over USD 2 billion debt payable over the next two months and topped this with an additional USD 1 bn support promised during Pakistan Prime Minister Shehbaz Sharif’s visit to the UAE.

An agreement was also signed by the Saudi Fund for Development (SFD) in Pakistan to fund USD 1 billion worth of oil imports on overdue payment. Pakistan central bank’s reserves dropped to USD 4.34 billion on Thursday, the lowest since February 2014.