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Govt received $1 billion from UAE

25 January, 2019

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Pakistan has received an amount of $1 billion from the United Arab Emirates (UAE) as part of a support package announced by the Gulf nation to help increase Islamabad’s foreign currency reserves.

“USD one billion received from the UAE,” the State Bank of Pakistan (SBP) tweeted Thursday evening. The bank added that the amount was received under an agreement signed on Tuesday, January 22, 2019, between Governor Tariq Bajwa and Abu Dhabi Fund for Development Director General Saif Al Suwaidi.

The receipt of $1 billion is part of the financial assistance package worth $3 billion in cash the UAE announced to help stabilise Pakistan’s foreign currency reserves.

SBP spokesperson Abaid Qamar said another $1 billion is expected from Saudi Arabia in the ongoing month, which would be the last trench of the total package of $3 billion announced by the Kingdom in October last year.

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