ICCI welcomes formalization of UAE bailout package for Pakistan

Posted In: News Date:Jan 9th, 2019

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) Monday hailed the formalization of UAE’s bailout for Pakistan during the recent visit of Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan and termed it a positive development.

This would help Pakistan address its balance of payment issues and improve the confidence of private sector and investors, said a statement issued here by ICCI.

President ICCI Ahmed Hassan Moughal said that UAE has always supported Pakistan in difficult times and its recent bailout package comprising $3 billion loan on 2.8 percent interest rate and $3.2 billion for the supply of oil on deferred payment was a testimony of UAE’s continuous commitment and close friendship with Pakistan.

It also reflected the keen desire of UAE to help Pakistan overcome its economic woes and stabilize its economy.

He said that Pakistan’s fuel import both oil and LNG stood at $16 billion per annum, while the total foreign currency reserves of the country stood at around $13.8 billion by 28th Dec 2018 out of which the reserves held by the SBP stood at around $7.28 billion.