Pakistan is likely to receive $1 billion, the third and last installment of the $3 billion loan promised to the country by the UAE, next week, sources said Wednesday.
In January, Pakistan and UAE signed an agreement for a $3 billion loan to Islamabad. The rate of return for the loan is 3%. The funds were to be transferred to Pakistan in three installments.
In December, 2018, the UAE announced a $3 billion bailout package for Pakistan to overcome its balance of payment issue under the Abu Dhabi Fund for Development.
The source also said that Saudi Arabia will start providing Pakistan oil on deferred payments from April. Pakistan is likely to get oil worth $200 to 250 million every month.
On March 25, Pakistan received $2.2 billion from China.
Pakistan’s total foreign exchange reserves stand at $17.18 billion. These include $10.67 billion reserves held by the State Bank.