Cash-strapped Pakistan has failed to secure a USD 3.2 billion oil on deferred payments facility from the UAE, a media report Thursday quoted Finance Minister Asad Umar as saying. The oil facility was part of the USD 6.2 billion that the United Arab Emirates announced to give to Pakistan in December to help the country overcome the serious economic woes.
“Most probably, the UAE oil facility agreement will not materialise,” finance minister Umar told The Express Tribune.
The development could again bring under stress Pakistan’s foreign currency reserves that have so far been maintained with help of friendly countries, the report said.
