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Pakistan receives $1 bn from UAE to help bridge current account deficit

Pakistan's current account deficit rose to $7.9 billion in the first half of the current financial year

IANS  |  Islamabad 

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Photo: Twitter @92newschannel

The (SBP) received $1 billion from the (UAE) following an agreement with the (ADFD), to help bridge Islamabad's current account deficit.

The ADFD on January 22 agreed to provide $3 billion to in three instalments, reports Dawn news.

"The SBP has received $1 billion from the UAE today," the bank's spokesman Abid Qamar told the media here on Thursday.

Prior to this, had approached China and Saudi Arabia for funds to avoid a balance of payments crisis.

The country's current account deficit rose to $7.9 billion in the first half of the current financial year and is likely to reach $16-18 billion by June 30.

Finance Minister Asad Umar, while presenting the mini-budget in Parliament on Wednesday, said that the government may also enter into an Monetary Fund-led programme.

He also said that the government was not in a hurry as it was considering other options including bilateral support.

The government signed a similar deal of $3 billion with Saudi Arabia earlier and the kingdom has so far placed $2 billion in the SBP account whereas the last tranche of $1 billion is expected in February, Dawn news said.

Saudi Arabia also agreed to supply $3 billion oil on deferred payments.

First Published: Fri, January 25 2019. 11:42 IST
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