Friday , April 10 2020

Pakistan, Abu Dhabi signed agreement on $3b help package

The Pakistan and United Arab Emirates have signed an agreement to give a $3 billion loan to Islamabad.

State Bank of Pakistan Governor Tariq Bajwa and the Abu Dhabi Development Fund chairperson signed the agreement between Pakistan and Abu Dhabi.

The agreement promised to pull Pakistan out of the chronic economic crisis.

The funds will be transferred to State Bank in three installments. In the first installment, the UAE will reportedly transfer $1 billion to Pakistan by the start of the next week.

Earlier, in December last year UAE announced a $3 billion bailout package for Pakistan to resolve its balance of payment issue under the Abu Dhabi Fund for Development.

The need was high because the International Monetary Fund bailout package did not work out quite well. And there was a fiscal gap that was to be met and pushed investors away from the market in the second half of 2018.

The new aid package by the government of Ab Dhabi will bring positive vibes to the economy.

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