ISLAMABAD, Dec 21 (APP):Pakistan on Friday welcomed the announcement by the UAE government for providing $ 3 billion to the country.
“The addition of this amount will help the build-up of foreign exchange reserves and contribute in strengthening Pak rupee. It will also aid the success of ongoing homegrown stabilization programme of present government,” a statement issued by the Ministry of Finance here said.
The United Arab Emirates (UAE) earlier on Friday announced its intention to deposit US$3 billion (equivalent to AED11 billion) in the State Bank of Pakistan, WAM, the UAE’s official news agency reported.
The Abu Dhabi Fund for Development will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the Bank and the step is to support the country’s financial and monetary policy, WAM said at its website.
Following the announcement, Prime Minister Imran Khan took to Twitter and expressed his gratitude to the UAE.
“I want to thank the UAE government for supporting Pakistan so generously in our testing times,” the Prime Minister wrote.
“This reflects our commitment and friendship that has remained steadfast over the years,” he added.
According to WAM, “The UAE’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.”
It mentioned that the Abu Dhabi Fund for Development had financed eight development projects in Pakistan with a total value of AED1.5 billion, including AED 931 million in grants. The funds covered projects in sectors such as energy, health, education and roads.
Prime Minister Imran Khan visited the UAE in November and met Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed and Deputy Supreme Commander of the Armed Forces. It was his second visit to Abu Dhabi in three months since he assumed office in August.