Pakistan receives US$1bn funds from UAE
- By Web Desk -
- Mar 12, 2019
KARACHI: The State Bank of Pakistan (SBP) on Tuesday received one billion US dollar funds from the United Arab Emirates (UAE), ARY News reported.
“So far, we have received total $2 billion from the UAE,” said the SBP spokesperson adding that in January this year Pakistan and the UAE had made an agreement with the Arab country on $3 billion support package.
Confirming the report of receiving of the aid, Advisor and Spokesperson Finance Division, Ministry of Finance, Khaqan Hassan Najeeb said Pakistan had received $1 bn from the UAE to help further balance of payment, stability and ensure smooth international foreign payment obligations, while shoring up foreign exchange reserves.
Read More: Pakistan received $143mn foreign investment in January: SBP
Following the fresh financial assistance, Pakistan’s foreign exchange reserves have crossed $15.95 billion mark.
In a tweet, Khaqan Hassan Najeeb said, “Government of Pakistan’s multi-pronged strategy and credible measures for financing arrangements are yielding (positive) results.”
#Govt. of Pak multipronged #strategy & credible measures for #financing arrangements yielding results. $1 bn deposit received from #UAE to help further #BOP stability and ensure smooth int’l foreign payment obligations, while shoring up foreign exchange #reserves.
— Khaqan Hassan Najeeb (@KhaqanNajeeb) March 12, 2019
On March 9, the SBP had signed an agreement with Abu Dhabi Fund for Development (ADFD) for the placement of the second tranche of the funds.
The central bank had said, “These funds are expected to be received shortly.”
It may be recalled that the first tranche of US$ 1 billion had already been received by the SBP in January 2019.
The ADFD is a foreign aid agency set up by the UAE government in 1971. It provides concessionary loans to fund economic and social development projects.