ISLAMABAD: China may deposit $2 billion in the country’s foreign exchange reserves sometime during this month and economic diplomacy will bear fruit, as the United Arab Emirates could likely provide financial assistance.

According to a report in The News, a senior official aware of the happenings told UAE will deposit $3 billion in Pakistan’s reserves in instalments and would provide a $3 billion deferred oil payment facility.

The official said the $2 billion to be received from China will come in one-go.

He explained that the government was working on purchasing 15 million renminbi’s (Yuan) at a commercial rate at an approximate cost of over $2 billion for trade with China in domestic currency which will assist Pakistan in easing pressure from the greenback.

The official said China doesn’t want Pakistan to highlight its help for bolstering the country’s foreign exchange reserves.

Moreover, the official stated the recent statement by Finance Minister Asad Umar that Pakistan was in no hurry to get an International Monetary Fund (IMF) bailout highlights imminent relief from UAE and China to bolster forex reserves is on the cards.

He added the finance minister was aware that things were moving in right direction with China and UAE and negotiations with both countries have reached an advanced stage highlighting they were coming forth to rescue Pakistan from its existing economic quagmires.

Pakistan has already obtained $2 billion from the $3 billion promised by Saudi Arabia for bolstering forex reserves and $1 billion will be received in January 2019, according to a central bank spokesperson, Abid Qamar.