UAE, Pakistan sign $3bln financial package in Abu Dhabi
Bailout package will help in curbing economic instability
KARACHI: In view of minimizing the existing economic crisis in the country, the government of United Arab Emirates (UAE) has officially pledged the much-anticipated $3 billion assistance to the State Bank of Pakistan (SBP) yesterday.
An agreement in this regard was mutually signed in Abu Dhabi by the Director General of Abu Dhabi Fund Development (ADFD) Mohammad Saif Al Suwaidi and Governor State Bank of Pakistan Tariq Bajwa for depositing $3 billion in the SBP account.
Foreign office Spokesman Dr Mohammad Faisal also confirmed this news on his official Twitter handle saying “US has formalized $3 billion to deposit in SBP. DG ADFD and Governor State Bank inked the agreement at ADFD Headquarters in Abu Dhabi.”
He added in his tweet that ” this aid will help Pakistan in achieving financial stability and overcoming economic challenges.”
#UAE has formalized US$3bn deposit in the State Bank of Pakistan. DG ADFD & The Governor SBP inked the agreement at #ADFD Headquarters in Abu Dhabi. It will help Pakistan achieve financial stability and overcome economic challenges #pakuaebrotherhood pic.twitter.com/sH748xDgwK
— Dr Mohammad Faisal (@ForeignOfficePk) January 22, 2019
This is another series of financial assistance being received from abroad. It can be rightly said that the effective utilization of these funds will help Pakistan to curb its Balance of Payment instability.