Saudi, U.A.E. Loans to Help Pakistan Avert Financial Crisis - Bloomberg:
Pakistan received $1 billion from Saudi Arabia Friday, a day after the United Arab Emirates deposited the first installment of a $3 billion financial support package aimed at helping the South Asian nation tide over a balance-of-payment crisis.
The U.A.E. transferred $1 billion as part of an agreement between Pakistan and the Abu Dhabi Fund for Development this month, the central bank said in a statement on Twitter Thursday. The total transfers so far from the U.A.E and Saudi Arabia stand at $4 billion, and will boost Pakistan’s reserves that had fallen to $6.64 billion, or less than two months of import cover, in the week ended Jan. 18. Riyadh also has pledged to supply oil worth $3 billion on deferred payments.
“It’s a short-term relief,” Mohammed Sohail, chief executive officer at Topline Securities Pakistan Ltd., said in Karachi. Pakistan will need more funding as the nation’s external account gap next fiscal year will again swell to as much as $20 billion, he said.
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