UAE, Pakistan sign $3bln financial package in Abu Dhabi

Bailout package will help in curbing economic instability

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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.”

 

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.

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