Thursday , April 2 2020

Pakistan receives first installment of $1bn from UAE

Karachi: The State Bank of Pakistan (SBP) has received first installment of $1 billion from United Arab Emirates (UAE) to support foreign reserves and fiscal gap.

State Bank of Pakistan spokesperson has informed that Pakistan has received first tranche of one billion US dollars from the package of $3 bn, which was announced by the after Imran khan made a visit there.

Pakistan and United Arab Emirates (UAE) on January 22, reached an agreement on $3 bn support Package in Abu Dhabi to help fiscal gap and increase foreign reserves of the country.

State Bank of Pakistan’s (SBP) Governor Tariq Bajwa and Abu Dhabi Fund for Development’s chairman signed the agreement between the two countries.

UAE  has promised to give Pakistan loan to assist enhance liquidity and to support the country’s crippling economy and fiscal monetary policy.

The package was announced long before the PM Khan made visited to UAE. Crown Prince of UAE Abu Dhabi Sheikh Mohammad Bin Zayed Al Nahyan made visit to Pakistan on 6 January and strengthened the ties with Pakistan and promised to give loan.

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