UAE decides to deposit $3b in State Bank of Pakistan

ISLAMABAD: The United Arab Emirates on Friday announced a decision to deposit $3 billion in the State Bank of Pakistan (SBP), WAM reported, which is the  Emirati state’s news agency.

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

In response, Prime Minister Imran Khan took to Twitter to thank the UAE government for supporting Pakistan in “testing times”.  He added that this act of generosity reflects the spirit of camaraderie and commitment between the two countries that has remained steadfast over the years.

Foreign Minister Shah Mehmood Qureshi also thanked the Emirati Prince for his “generous financial support of $3 billion”.

“This is a manifestation of the close fraternal ties between Pakistan & UAE which have always stood the test of time,” he added.

It merits a mention here that the Information Minister Fawad Chaudhry had announced on Thursday that UAE’s Crown Prince Mohammad bin Zayed bin Sultan al Nahyan will visit Pakistan in early 2019.

Earlier this month, Pakistan and the UAE resolved to strengthen bilateral trade and economic ties, besides fostering cooperation to deal with transnational organised crime, including money laundering, drug and human trafficking.

Bilateral ties were discussed in the meetings between the Emirati leadership and PM Imran who paid a day-long visit to the Emirates, on the invitation of UAE Armed Forces Deputy Supreme Commander and Abu Dhabi Crown Prince Sheikh Muhammad bin Zayed Al Nahyan, according to a Foreign Office (FO) statement.

The prime minister was accompanied by a high-level delegation comprising FM Qureshi, Finance Minister Asad Umar, Minister for Petroleum Ghulam Sarwar Khan, Minister for Power Omar Ayub Khan, Advisor to the Prime Minister on Commerce Abdul Razak Dawood and Chief of the Army Staff (COAS) General Qamar Javed Bajwa.

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

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 funds covered projects in sectors such as energy, health, education and roads.

Source: Pakistan Today

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