Pakistan To Receive $2 Billion Loan From The UAE

Pakistan will soon get a $2 billion loan from the United Arab Emirates as part of a package that will help boost its dwindling finances.

The South Asian nation already received $1 billion in January in the first tranche of a $3 billion agreement between the Abu Dhabi Fund for Development and the State Bank of Pakistan, according to a statement released Saturday.

The remaining funds are expected to be received “today or tomorrow,” State Bank spokesman Abid Qamar said by phone.

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Pakistan is seeking financing from friendly countries to bridge the nation’s current account gap of at least $12 billion for the fiscal year ending June. It already obtained $3 billion from Saudi Arabia.

Source: Arabian Business