UAE transfers first $1 billion to State Bank of Pakistan
According to Radio Pakistan, the transfer of one billion dollars is the first tranche of three billion dollars announced for improving Pakistan’s foreign currency reserves after Prime Minister Imran Khan's visit.
Last week, the Abu Dhabi Fund for Development said in a statement that it will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the Bank.
Pakistan, UAE sign $3 billion balance-of-payments ... 05:06 PM | 22 Jan, 2019
ABU DHABI – The United Arab Emirates (UAE) on Tuesday has inked the $3 billion balance-of-payments support package ...
The country's support for Pakistan's fiscal policy is based on the historical ties between the two people and the two friendly countries and the desire to further develop the bilateral cooperation in all fields, the statement said.
It continued that the Abu Dhabi Fund for Development has financed eight development projects in Pakistan with a total value of AED1.5 billion, including AED931 million in grants.
"The funds covered projects in sectors such as energy, health, education and roads," the statement added.
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
Finance Minister Asad Umar had also claimed that the country's foreign exchange reserves have increased by 12.5 per cent after the recent deposits.
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