UAE will deposit the amount in the State Bank to support the country's financial and monetary policy.
Islamabad (Pakistan Point News – 21st December, 2018) The United Arab Emirates (UAE) has announced to give $3 billion to Pakistan.
According to media reports, the UAE will deposit the amount in the State Bank of Pakistan (SBP) to support the country's financial and monetary policy.
According to Arab media, the Abu Dhabi Fund for Development said it will deposit the money over the next few days to enhance liquidity and monetary reserves of foreign Currency at the Bank.
Prime Minister Imran Khan had paid a day-long visit to the UAE in November over the invitation of Sheikh Muhammad bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces.
Before his arrival in Dubai, the prime minister met the crown prince in Abu Dhabi where the two sides also held delegation level talks. A ceremonial welcome ceremony was also held for the prime minister where he was also given guard of honour.
During the visit, the UAE government had extended generous humanitarian assistance, support for better health and education to Pakistan whenever required.
Moreover, analysts believe, if UAE would provide a bailout package like Saudi Arabia, it would support the government to overcome current account deficit.
In the latest development, the UAE has announced to deposit $3 billion in the SBP.
