UAE announces to deposit $3 billion in State Bank of Pakistan

ABU DHABI: On Friday, the United Arab Emirates has announced its intention to deposit US$3 billion in the State Bank of Pakistan to support the country’s financial and monetary policy.

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

UAE’s support for Pakistan’s fiscal policy is based on the historical ties between the two countries and the desire to further develop bilateral cooperation in all fields, the statement said.

The Abu Dhabi Fund for Development has financed eight development projects in Pakistan worth a total of AED1.5 billion, including AED931 million in grants. The funds covered projects in sectors such as energy, health, education and roads.

Prime Minister Imran Khan thanked the UAE government for supporting Pakistan and said it reflects commitment and friendship between the two countries.

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