Pakistan likely to get oil worth $3.2bn on deferred payments from UAE: sources

[BRAVO_]

ISLAMABAD: Pakistan is likely to get oil worth $3.2 billion on deferred payments from United Arab Emirates this month, sources informed Geo News Friday.

Sources within the Petroleum Division said Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan is expected to announce the facility for Pakistan during his visit to the country starting January 6.

They said Pakistan is also likely to get $1.5 billion loan from Islamic Development Bank's International Islamic Trade Finance Corporation (ITFC) for the import of liquefied natural gas (LNG) on deferred payment facility.

Currently, Pakistan is importing LNG worth $4.5 billion annually.
The sources added that Pakistan, in collaboration with the UAE, is also starting construction of Parco Coastal Refinery in Balochistan worth over $5 billion.

It is pertinent to mention here that Prime Minister Imran Khan had twice visited the UAE last year, where he had held meetings with Emirati leadership.

In December 2018, the UAE announced that it would deposit $3 billion in the State Bank of Pakistan (SBP) to support the country’s financial and monetary policy.

The Abu Dhabi Fund for Development has also financed eight development projects in Pakistan worth a total of AED1.5 billion, including AED931 million in grants.

The funds covered projects in sectors such as energy, health, education and roads.
https://www.geo.tv/latest/224148-pa...-32bn-on-deferred-payments-from-uae-sources#_

 

[Samlee]

Great News

 

[Indus Pakistan]

PM IK's foreign visits have yielded magnificient returns - this is what I list. People can correct me -

• KSA - Oil facility $3 billion
• Deposit $3 billion
• UAE - Oil facilty $3 billion

Despite what these are called they amount to grants. I don't think any serious observor expects these to be paid back. Thus we are talking about nearly $10 billion this year. The oil facelties will extend over three years thus generating whopping $12 billion extra. No wonder Asad Umar exudes confidence. I just not hope that the relief these finiancial windfall has extended to Pakistan is used to fix the structural issues in the economy and place Pakistan on a road of sustainable growth.

 

[war&peace]

It is great and we thank our friends who stood by us in the hour of need but we should remember that we have to return it.... not just because it is a debt but also to regain our prestige and honour.

 

[randomradio]

PM IK's foreign visits have yielded magnificient returns - this is what I list. People can correct me -

• KSA - Oil facility $3 billion
• Deposit $3 billion
• UAE - Oil facilty $3 billion

Despite what these are called they amount to grants. I don't think any serious observor expects these to be paid back. Thus we are talking about nearly $10 billion this year. The oil facelties will extend over three years thus generating whopping $12 billion extra. No wonder Asad Umar exudes confidence. I just not hope that the relief these finiancial windfall has extended to Pakistan is used to fix the structural issues in the economy and place Pakistan on a road of sustainable growth.

Nothing magnificent about deferred payments. It just means a few years later you have to pay them back for it.

 

[Indus Pakistan]

Nothing magnificent about deferred payments. It just means a few years later you have to pay them back for it.

Did you even bother reading the bit where I said "Despite what these are called they amount to grants"?

Despite what these are called they amount to grants.

 

[Jinn Baba]

Great achievement of PTI government - they successfully managed to beg for loans from different friendly countries

These loans were no achievement of PTI, but greatness of friendly countries. Let's hope the continued puja of PTI on this forum is justified and they are able to turn the economy around and actually do something worthy of praise.

Regardless of my bias against PTI/IK, I really do hope and pray they bring the changes they promised

 

[Indus Pakistan]

These loans were no achievement of PTI

I know. Give it a few years and PTI will have also bought the apartments adjoining Avenfield.

 

[Jinn Baba]

I know. Give it a few years and PTI will have also bought the apartments adjoining Avenfield.

I'll be honest - I don't care if they buy Buckingham palace! As long as they do something for the country too. Be corrupt, take it all to your grave, just DO SOMETHING POSITIVE for the people and country you looted

 

[ziaulislam]

PM IK's foreign visits have yielded magnificient returns - this is what I list. People can correct me -

• KSA - Oil facility $3 billion
• Deposit $3 billion
• UAE - Oil facilty $3 billion

Despite what these are called they amount to grants. I don't think any serious observor expects these to be paid back. Thus we are talking about nearly $10 billion this year. The oil facelties will extend over three years thus generating whopping $12 billion extra. No wonder Asad Umar exudes confidence. I just not hope that the relief these finiancial windfall has extended to Pakistan is used to fix the structural issues in the economy and place Pakistan on a road of sustainable growth.

you missed 3$ of uae deposits and similar Chinese deposits..this is about 15b$ in bilateral deals

Basically this is just 1-2 year of financing need۔..PMLN left CAD of 24 b but was brought down to projected 12 b in last 9 months of this fiscal year.

Bigger problem is re financing of 30b dollars of Paris deal due now and Circular deficit of 1400billion rupees
We are also still waiting for clairty on IMF..i think asad umar now needs speculate something like we dont need IMF etc...
I doubt IMF is going to budge due to political reasons and previous failures

 

[randomradio]

Did you even bother reading the bit where I said "Despite what these are called they amount to grants"?

It's basically a loan, not a grant. Grant is basically free aid.

 

[Indus Pakistan]

It's basically a loan, not a grant. Grant is basically free aid.

It's dressed as a loan but is actually a grant. from past form these deferred oil facelities are never paid but get waived. Thus my point that these are actual grants.

 

[ziaulislam]

It's basically a loan, not a grant. Grant is basically free aid.

you are right but if Pakistan is close to default it will be changed to grant as happened in 2000, if Pakistan does well, it will be returned
more important is the fact that i am seeing real interest in investment for the first time, UAE, Saudis and qatar each are sitting on huge piles of money even 1% of their investment can be bigger than CPEC

on economic front PTI govt is spot on because they have involved key businessman in policy making.. apart from being slow on IMF but thing is IMF demand of paying off 1400 circular debt head on is ludricous, they are asking to hold all development funds for 1-2 years or repeal 18th amendment, there is no way govt can pay off such huge debt in months..

PTI are slow on other reforms, legal, health, police refroms, etc

 

[Hakikat ve Hikmet]

It is great and we thank our friends who stood by us in the hour of need but we should remember that we have to return it.... not just because it is a debt but also to regain our prestige and honour.

If you receive favor by two times, you need to return the favor by four times....

It's dressed as a loan but is actually a grant. from past form these deferred oil facelities are never paid but get waived. Thus my point that these are actual grants.

In the Muslim Imperial terms it's called Nazrana to felicitate the Sultan...

 

[war&peace]

Nothing magnificent about deferred payments. It just means a few years later you have to pay them back for it.

Don't be jealous... It is between two Muslim brothers