ISLAMABAD - The Islamabad Chamber of Commerce & Industry has hailed the formalization of UAE’s $6.2 billion bailout package for Pakistan during the recent visit of Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan and termed it a positive development as it would help Pakistan address its balance of payment issues and improve the confidence of private sector and investors. Ahmed Hassan Moughal, president Islamabad Chamber of Commerce & Industry, 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 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.

He said that Pakistan met around 57 percent of its crude oil import needs from UAE and hoped that the facility of deferred payment would provide significant relief to the government in dealing with balance of payment crisis. He said that agreement to constitute Pak-UAE taskforce to boost bilateral trade and long-term investment framework agreement would further strengthen trade and economic relations between the two countries.