Pakistan to get $3 billion loan from UAE\, eyes deferred oil payments

Pakistan to get $3 billion loan from UAE, eyes deferred oil payments

Reuters  |  DUBAI/ISLAMABAD 

DUBAI/(Reuters) - The plans to deposit $3 billion in "in the next few days", the UAE state agency reported on Friday, while a Pakistani said also hopes it will allow deferred payments for

is engaged in bailout talks with the (IMF) but has also sought financial help from allies and

The UAE deposit is aimed at supporting Pakistan's monetary policy, said, citing the for Development.

Hours after the announcement, Pakistani told that Islamabad was "also hoping to get deferment for oil payments" from UAE.

Chaudhry declined to disclose the sum of assistance sought through deferred payments, but said this was part of the discussions that led to the UAE announcing it would deposit $3 billion with

The added that UAE planned to make investments in Pakistan, including a refinery and desalination plants.

In October, said it would loan $6 billion, including a $3 billion deposit for its foreign currency reserves and another $3 billion in deferred

China, Pakistan's staunchest ally and financial benefactor, has also pledged to help but has not announced the size of any assistance package.

(Reporting by in and Drazen Jorgic in ISLAMABAD; Editing by and Richard Borsuk)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 21 2018. 16:42 IST