UAE announces to give Pakistan $3b bailout package
ABU DHABI (92 News) – The United Arab Emirates (UAE) announced on Friday its intention to deposit US$3 billion in the State Bank of Pakistan to support Pakistan’s financial and monetary policy.
According to the Arab media, the UAE will be giving Pakistan a $3 billion bailout package in the next few days. The package is to support the financial and monetary policy of Pakistan.
It was also reported that the country’s support for Pakistan’s fiscal policy is based on historical ties between the two friendly countries and the desire to further develop the bilateral cooperation in all fields.
Prime Minister Imran Khan thanked the UAE government for supporting Pakistan in difficult times.
“I want to thank the UAE govt for supporting Pakistan so generously in our testing times. This reflects our commitment and friendship that has remained steadfast over the years,” Imran Khan tweeted.
I want to thank the UAE govt for supporting Pakistan so generously in our testing times. This reflects our commitment and friendship that has remained steadfast over the years.
— Imran Khan (@ImranKhanPTI) December 21, 2018
However, the Abu Dhabi Fund for Development has financed eight development projects in Pakistan with a total value of 1.5 billion AED, including 931 million AED in grants. The funds covered projects in sectors such as energy, health, education and roads.
It is pertinent to note here that back in October, Saudi Arabia too agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis.