Islamabad: China is going to send USD 2 billion to Pakistan as reserves during this month, a news source reported. Meanwhile, UAE will also deposit USD 3 billion in January, but in instalments. UAE will extend oil facility of USD 3 billion on deferred payment.
Pakistani authorities are in process to finalise the purchase of RMB 15 billion at commercial rate almost at the cost of over USD 2 billion for trade with China in local currency. This will relieve the crunch caused by the appreciation of the US Dollar.
According to a senior government official, the Finance Minister of Pakistan Asad Umar had recently stated that Pakistan is in no hurry to avail an IMF bailout, which indicated that the minister knows things have been moving in a positive trajectory and behind-the-scene talks have matured.
Pakistan has already received USD 2 billion out of the USD 3 billion promised by Saudi Arabia to shore up Pakistan’s foreign exchange reserves. The remaining amount will be received next month. Pakistan has also begun availing the oil facility of USD 3 billion on deferred payment.
