UAE to sign $3b support package for Pakistan today
The United Arab Emirates (UAE) on Tuesday will sign off the $3 billion balance-of-payments support package for Pakistan which is expected to “enhance liquidity and monetary reserves of foreign currency” at the State Bank of Pakistan (SBP).
This package “to support the financial and monetary policy of the country” was announced late last year. The amount is expected to be paid to Pakistan in three installments.
This is part of a $6.2 billion support package from UAE to Pakistan to help address the economic crisis of balance of payments.
The country’s support for Pakistan’s fiscal policy is based on the historical ties between the two people, WAM, the UAE’s official news agency had said, and the two friendly countries desire to further develop the bilateral cooperation in all fields.
Earlier this month, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan paid a visit to Pakistan for the first time in 12 years. The visit came after the PM invited the prince on his visit to the UAE, making it the third meeting over the past three months.
According to a joint statement issued after the visit culminated, PM Imran thanked the crown prince for the “generous” balance-of-payments support of $3 billion, which appears to have materialized first out of the total $6.2bn financial package.