Pakistan says to receive $2bn loan from the UAE soon

South Asian nation received $1bn in January in first tranche of agreement between the Abu Dhabi Fund for Development and the State Bank of Pakistan
Pakistan says to receive $2bn loan from the UAE soon
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.
By Bloomberg
Sat 09 Mar 2019 05:54 PM

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.

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.

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