UAE Signs $3 Billion Support For Pakistan

Pakistan and the United Arab Emirates (UAE) signed a $3 billion support package on Tuesday as pledged by Abu Dhabi to boost the liquidity and foreign exchange reserves of the cash-strapped country.

The package was signed by Abu Dhabi Fund for Development (ADFD) Director General Mohammed Saif Al Suwaidi and the State Bank of Pakistan Director Tariq Bajwa at a ceremony here.

According to the package, the UAE will deposit $3 billion in the State Bank of Pakistan to support the country's financial and monetary policy, the state-run WAM news agency reported.

The amount will be paid to Pakistan in three instalments.

The UAE had announced its intention to inject $3 billion cash into Pakistan via the ADFD in December 2018, a month after Prime Minister Imran Khan undertook his second trip to the country since assuming office.

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The two countries earlier in January were said to have finalised the terms and conditions of the support package, which involves $3.2 billion worth of oil supplies on deferred payment in addition to the $3 billion cash deposit. (IANS)