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UAE to grant financial aid of $3 billion to Pakistan to battle monetary crisis

Foreign Office spokesman Mohammad Faisal had tweeted: "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,"

Saima Siddiqui

Saima SiddiquiBy Saima Siddiqui

Published on 23 Jan 2019 12:23 PM GMT

UAE to grant financial aid of $3 billion to Pakistan to battle monetary crisis
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Islamabad: Pakistan and the United Arab Emirates (UAE) signed a $3 billion bailout package, on Tuesday to boost the country's diminishing dollar reserves and to avoid rigorous IMF deal.

The UAE in December last year had announced to provide a financial aid of $3 billion to Pakistan after Saudi Arabia made the commitment to help Islamabad in overcoming international payment crisis and to avoid the rigorous International Monetary Fund (IMF) deal.

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The agreement was signed between State Bank of Pakistan (SBP) chief Tariq Bajwa and Abu Dhabi Fund for Development (ADFD) Director General Mohammed Saif Al Suwaidi.

Foreign Office spokesman Mohammad Faisal had tweeted: "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,"

He said that the agreement will help Pakistan achieve financial stability and overcome economic challenges.

He also said, "ADFD and the Government of Pakistan have enjoyed strong and long-standing ties dating back to 1981. The Fund's efforts have significantly contributed to improving socio-economic conditions in the country, boosting strategic growth and achieving the development priorities of the Pakistani government.

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ADFD has provided AED1.5 billion to fund sustainable development projects in Pakistan spanning diverse sectors, including transport, water and agriculture, healthcare, and education, according to a press release.

The UAE had committed the financial assistance during Prime Minister Imran Khan's visit to Qatar last month to seek investment and provision of LNG on deferred payments.

Pakistan has a 15-year contract with Qatar for supply of LNG.

The Pakistani government officials said that Saudi and the UAE governments have played a major role in helping Pakistan to regulate its balance of payments and achieve economic stability.

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Saima Siddiqui

Saima Siddiqui

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