Paper work completed for $3 billion economic assistance from UAE
The $3 billion will be transferred to Pakistan by March
Lahore (Pakistan Point News – 15th January, 2018) The paper work has been completed by the United Arab Emirates (UAE) authorities to give economic aid to Pakistan.
Out of the $3 billion economic assistance promised by the UAE, $1 billion will be transferred to State Bank of Pakistan next well.
The UAE will transfer $3 billion in three instalments.
Pakistan will pay an interest of 3 per cent on the economic package.
The $3 billion will be transferred to Pakistan by March and the paper work in this regard has been completed.
Pakistan is currently facing a balance of payments crisis after the exchange rate of its national Currency against the US Dollar fell 5 percent in November.
The UAE will allocate some $3 billion for the Central Bank of Pakistan to help it cope with its balance of payments crisis after Islamabad supported and arranged direct talks between the United States and the Taliban movement, the Abu Dhabi Fund for Development said.
"The transfer of 11 billion Dirhams [some $3 billion] from finances of the Abu Dhabi Fund for Development will take place in the upcoming days in order to support the financial and credit policy of Pakistan, as well as to increase liquidity and reserves of foreign currency in the Central Bank," the statement said.