UAE, Pakistan sign $3bn bailout package; $1bn tranche to arrive soon

ABU DHABI: Pakistan and United Arab Emirates (UAE) on Tuesday reached agreement on $3bn support Package in Abu Dhabi.

State Bank of Pakistan’s (SBP) Governor Tariq Bajwa and Abu Dhabi Fund for Development’s chairman signed on the agreement today in Abu Dhabi. UAE is providing the loan to Pakistan to help enhance liquidity and to support the country’s financial and monetary policy

As per details, the amount will be paid to Pakistan in three installments and the first tranche of worth $1bn would be deposited in SBP within days.

While tow other tranches of worth $1bn each will be released soon. UAE’s high officials, Pakistan ambassador to UAE and other dignitaries were also present on the occasion.

Abu Dhabi Crown Prince heads back; $3bn support to Pakistan confirmed

It is pertinent to mention here that Crown Prince of Abu Dhabi Sheikh Mohammad Bin Zayed Al Nahyan, on January 6,had left Islamabad for his home country after a day-long official visit.

The visit had confirmed the speculations about a financial package by the oil-rich middle-east emirate to Pakistan, which was doing rounds since last week.

A statement by the Ministry of Information issued shortly afterwards thanked the United Arab Emirates (UAE) crown prince for the generous balance of payment support of US $3bn.

According to the statement, “the financial support shows the UAE’s continued commitment and friendship that has remained steadfast over the years”.