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ISLAMABAD: Finance Minister Asad Umar said on Friday that Pakistan will receive separate financial aid packages from the United Arab Emirates (UAE) and China in December to help overcome its balance of payments crisis.
“Negotiations with the UAE and China are in the advanced stage for a financial package and hopefully the agreements will be signed next month,” he said while addressing a press conference here along with the Minister for Planning and Development, Khusro Bakhtiar.
Umar said that the technical teams are finetuning the financial accords with the two allies which, in turn, would help avert an immediate balance of payments crisis. He, however, declined to disclose the exact quantum of financial assistance which Pakistan expected to receive from the UAE and China.
The finance minister said that Pakistan was facing a current accounts deficit amounting to $19 billion when his party, the Pakistan Tehreek-e-Insaf (PTI), assumed office in August this year.
“We were able to reduce the current accounts deficit to $12 billion with the help of some prudent economic policies,” he said, adding that this gap has also been bridged with financial aid from friendly countries such as ��������Ƶ.
In October this year, the Kingdom pledged to provide a $6 billion bailout package for Pakistan’s ailing economy following a visit by Prime Minister Imran Khan. The package includes a $3 billion balance of payment support, with an additional $3 billion in deferred payments on oil imports.
Pakistan has thus far received $1 billion out of the promised amount, with the additional $2 billion to be provided in the next two months.
PM Khan also visited the UAE and China in November to seek help, with Umar saying that both the countries agreed to extend financial support.
Speaking on the occasion, Bakhtiar said that work is underway to introduce structural reforms in key areas of governance in order to increase exports, foreign remittances, and investment.
“We are also signing industrial and agricultural frameworks with China under the China Pakistan Economic Corridor to create job opportunities and enhance exports,” he said.
Bakhtiar said that lending in the private sector has increased five times in the past three months which shows an increased confidence of investors in the government’s economic policies.
“Exports and manufacturing base will be enhanced in the coming three to four years which will have a positive impact on the economy,” he said, adding that untapped natural resources, such as minerals in Balochistan and Khyber Pakhtunkhwa provinces, will also be exploited.