Temperature will reach up to 39ºC and 38ºC in Abu Dhabi and Dubai
uae4 hours ago
Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis, Pakistan's government said on Tuesday.
The $6 billion total exceeds forecasts by analysts and will likely reduce the size of any bailout Pakistan receives from the International Monetary Fund (IMF), with whom it is currently engaged in talks on a rescue package.
The Saudi agreement came as new Pakistani Prime Minister Imran Khan attended Saudi investment conference that has been boycotted by several other leaders over the death of a dissident Saudi writer at the country's consulate in Istanbul.
Khan had said before departing that his country is "desperate" to shore up its foreign currency reserves, which are at a four-year low, equivalent to less than two months' imports and barely enough to make its debt repayments through the rest of the year.
Finance Minister Asad Umar this month requested talks with the IMF for the country's second bailout in five years. An IMF team is due to visit Pakistan to open negotiations on Nov. 7.
Khan had however sought to avoid going to the IMF and still wants to at least reduce the size of any bailout by appealing to "friendly countries" for bilateral financial support.
Khan had visited Saudi Arabia last month in his first overseas trip since taking office in August, but that trip failed to produce any significant assistance, despite Pakistani media reports of agreements on deferred oil payments.
Pakistan's Foreign Ministry on Tuesday night said the latest visit had met with success.
"It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support," the ministry said in a statement.
"It was also agreed that a one year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.
Khan is scheduled to visit China next week.
Pakistani officials have been concerned the United States, which has fallen out with Islamabad, will push the IMF to impose harsh conditions on Pakistan as part of any bailout.
Pakistani analysts say reducing the size of the bailout package needed from the IMF would shore up Pakistan's weak position during negotiations with the fund.
Temperature will reach up to 39ºC and 38ºC in Abu Dhabi and Dubai
uae4 hours ago
Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae5 hours ago
Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
uae5 hours ago
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
business5 hours ago
NCM official says May 2-3 is identified as the ‘peak’ of the situation
weather5 hours ago
PSG are still involved in the Champions League in what could turn out to be the club's finest ever season
football11 hours ago
World number three Alcaraz, 20, missed a month prior to Madrid with a forearm issue
tennis11 hours ago
It was Chennai's fifth win from nine matches as they moved to third place in the points table with 10 points
cricket11 hours ago