UAE pledges $3bn to boost Pakistan’s liquidity, reserves

Written by December 22, 2018 10:00

New Delhi: The United Arab Emirates (UAE) has announced that it plans to deposit $3 billion in the State Bank of Pakistan on Friday to support the financial and monetary policy of the South Asian country, the state-run WAM news agency reported.

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The Abu Dhabi Fund for Development said in a statement on Friday that it will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the bank.

The country’s support for Pakistan’s fiscal policy was based on the historical ties between the two countries and the desire to further develop the bilateral cooperation in all fields, the agency reported.

Imran Khan
Imran Khan

Following the announcement, Pakistan’s Prime Minister Imran Khan took to Twitter to thank the UAE government for “supporting Pakistan so generously in our testing times”.

“This reflects our commitment and friendship that has remained steadfast over the years,” he said.

Pakistan’s Foreign Minister Shah Mehmood Qureshi also hailed the development. “We thank Crown Prince Mohamed Bin Zayed for his generous financial support… This is a manifestation of the close fraternal ties between Pakistan and UAE which have always stood the test of time,” he tweeted.

The Abu Dhabi Fund for Development had financed eight development projects in Pakistan in sectors such as energy, health, education and roads.