In October 2018, Saudi Arabia had agreed to provide $6.2 billion worth of financial package to Pakistan for three years. The Saudi oil facility was already running into trouble. Sources said that the Chinese government has provided $1 billion loan to Pakistan to retain the official gross foreign currency reserves at their current levels. The United Arab Emirates (UAE) had also announced a $6.2 billion package for Pakistan in December 2018, including $3.2 billion oil facility. But later on, the UAE reduced its financial assistance to $2 billion and also shelved the plan to give $3.2 billion oil facility on deferred payments.

Source: The Express Tribune August 06, 2020 03:22 UTC