Pakistan says UAE's financial assistance to shore up economy

A loan facility from the United Arab Emirates (UAE) will help cash-starved Pakistan bridge a yawning current account deficit and shore up foreign reserves, Pakistan's chief government spokesman said on Monday.

The UAE's crown prince, Sheikh Mohammed bin Zayed Al Nahyan, visited Islamabad on Sunday and confirmed a $3 billion loan package first announced last month.

“The $3 billion package which has already been announced was formalised,” the government's top spokesman, Information Minister Fawad Chaudhry, told a news conference.