Last week Pakistan received assurance from Qatar of a $3 billion package consisting of foreign currency deposit and direct investment. This was the fourth “friendly support” package of the sort which takes combined foreign aid to $15.6 billion. So far Saudi Arabia has promised $3bn oil supplies on credit set to begin this month at the rate of $270 million per month and $3bn in safe deposit of the State Bank of Pakistan, charging about 3.18 per cent interest. The United Arab Emirates has transferred $2bn in cash deposit at 3.18pc interest. China has extended financial support of $4.6bn in commercial loans and safe deposit.

Published in Dawn, The Business and Finance Weekly, July 1st, 2019