Abb Takk News

Pakistan, UAE Sign US$3 billion support package

ABU DHABI: Pakistan and the United Arab Emirates signed a US$3 billion support package on Tuesday, as pledged by Abu Dhabi to boost the liquidity and foreign exchange reserves of the cash-starved country.

According to the package, signed in a ceremony scheduled at Abu Dhabi, the UAE will deposit $3 billion in the State Bank of Pakistan to support the country’s financial and monetary policy.

The amount will be paid to Pakistan in three installments.

The UAE had announced its intention to inject $3 billion cash into Pakistan via the Abu Dhabi Fund for Development in December last year, a month after Prime Minister Imran Khan undertook his second trip to the country since assuming office.

The two countries earlier in January were said to have finalised the terms and conditions of the support package, which involves $3.2 billion worth of oil supplies on deferred payment in addition to the $3 billion cash deposit.