UAE gives $3 billion to Pakistan

UAE $3 billion Pakistan UAE financial bailout
23 Jan, 2019 12:08 am

ABU DHABI (92 News) – Abu Dhabi Fund for Development (ADFD) – the leading national entity for international development aid – has formalised $3 billion deposit into the State Bank of Pakistan to support Pakistan’s economic growth and achieve the long-term objectives of its monetary policy.

In his tweet, Foreign Office spokesperson Dr Faisal said that UAE has formalized US$3bn deposit in the State Bank of Pakistan.

On Tuesday, Pakistan and United Arab Emirates (UAE) reached agreement on $3bn support Package in Abu Dhabi.

State Bank of Pakistan’s (SBP) Governor Tariq Bajwa and Abu Dhabi Fund for Development’s chairman signed on the agreement today in Abu Dhabi. UAE is providing the loan to Pakistan to help enhance liquidity and to support the country’s financial and monetary policy

“UAE has formalized US$3bn deposit in the State Bank of Pakistan. DG ADFD & The Governor SBP inked the agreement at #ADFD Headquarters in Abu Dhabi. It will help Pakistan achieve financial stability and overcome economic challenges,” DR Faisal tweeted.

It is pertinent to mention here that Crown Prince of Abu Dhabi Sheikh Mohammad Bin Zayed Al Nahyan, on January 6,had left Islamabad for his home country after a day-long official visit.

The visit had confirmed the speculations about a financial package by the oil-rich middle-east emirate to Pakistan, which was doing rounds since last week.

A statement by the Ministry of Information issued shortly afterwards thanked the United Arab Emirates (UAE) crown prince for the generous balance of payment support of US $3bn.

According to the statement, “the financial support shows the UAE’s continued commitment and friendship that has remained steadfast over the years”.

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