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Pakistan Fails to Secure $3.2 Billion UAE Oil Facility


Pakistan has not been able to secure $3.2bn oil on deferred payments facility from the United Arab Emirates (UAE) – a major development which may again bring under stress official foreign currency reserves that have so far been maintained with help of friendly countries.

“Most probably, the UAE oil facility agreement will not materialise,” Finance Minister Asad Umar has confirmed.

The reasons for cancellation of the $3.2bn oil facility by the UAE could not be immediately ascertained. (Shutterstock)

© Gulf Times Newspaper 2019

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