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PM Imran Khan thanks UAE for depositing $3b in SBP

PM Imran Khan thanks UAE for depositing $3b in SBP

 ISLAMABAD: Prime Minister Imran Khan thanked the United Arab Emirates government for supporting Pakistan during a difficult phase of financial crisis.

After UAE govt announcement to deposit US$3 billion (equivalent to AED11 billion) in the State Bank of Pakistan “to support the financial and monetary policy of the country”, Prime Minister Imran Khan took to Twitter to thank the UAE government for “supporting Pakistan so generously in our testing times. This reflects our commitment and friendship that has remained steadfast over the years”.

According to WAM news agency, the Abu Dhabi Fund for Development said, in a statement today, that it will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the bank.

The country’s support for Pakistan’s fiscal policy is based on the historical ties between the two people, said WAM, and the two friendly countries and the desire to further develop the bilateral cooperation in all fields.

The Abu Dhabi Fund for Development has financed eight development projects in Pakistan with a total value of AED1.5 billion, including AED931 million in grants, added WAM. The funds covered projects in sectors such as energy, health, education and roads.

The PTI-led government, which completed its 100 days in power on November 26, counted “resetting relations with key partners including Saudi Arabia and the UAE” among its accomplishments in its performance report. Since assuming office in August, the premier has visited the UAE twice.

The first visit took place in September when Khan visited Saudi Arabia and then the UAE. He was received by Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed bin Sultan Al Nahyan and the two countries had agreed to strengthen economic, trade and investment relations.

The next month, a UAE delegation — comprising CEOs/senior officials of major companies including Mubadala Petroleum, ADIA (Sovereign Wealth Funds), Etisalat, DP World, Dubai Investment Authority, Emaar Properties, Aldahra Agriculture and Abu Dhabi Fund for Development — arrived in Pakistan.