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Another Bailout: UAE to Deposit $3 Billion in State Bank of Pakistan

The UAE, on Friday, officially announced to deposit $3 billion dollars in the central bank of Pakistan to support Pakistan in its bid to come out of its current financial crisis.The United Arab Emirates will deposit $3 billion (equivalent to Dh11 billion) in the State Bank of Pakistan to support the financial and monetary policy of the Islamic Republic of Pakistan.

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

The ties between the two countries have been cordial historically and UAE has helped Pakistan on a number of occasions.

The Abu Dhabi Fund for Development has financed eight development projects in Pakistan with a total value of Dh1.5 billion, including Dh931 million in grants.

The fund covered projects from fields of energy, health, education and infrastructure.

The financial package was under discussion between the two countries for quite some time. Prime Minister Imran Khan had also visited UAE in recent days to bolster economic ties with the brotherly country.

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