Pakistan’s Ailing Economy: UAE Announces $3 Billion Bailout Package

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Abu Dhabi (Khaleej Times): Prime Minister Imran Khan’s UAE visits finally bore fruit after the latter announced on Friday a Dh11 billion ($3 billion) financial bailout package to Pakistan that will help resolve balance of payment crisis and rescue the country’s ailing economy.

The Abu Dhabi Fund for Development (ADFD) in its statement said it would deposit Dh11 billion to the State Bank of Pakistan (SBP), the central bank, in days to come to enhance liquidity and monetary reserves of foreign currency at the apex bank.

It is second major breakthrough after Saudi Arabia announced a financial package worth $6 billion last month following the successful visit of Pakistan‘s Prime Minister Imran Khan, who warmly welcomed the decision of the UAE government.

“I want to thank the UAE government for supporting Pakistan so generously in our testing times,” Khan posted on Twitter shortly after the announcement.

“This reflects our commitment and friendship that has remained steadfast over the years,” he added.

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Shortly after the announcement, Pakistan‘s Prime Minister Imran Khan posted a statement on Twitter: “I want 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.”

Pakistan‘s Foreign Minister Shah Mahmood Qureshi also thanked the UAE leadership and paid huge tribute to His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who is also expected to visit Pakistan in January 2019 to strengthen bilateral relationship between the two brotherly Islamic countries.

“We thank His Highness Sheikh Mohamed bin Zayed for his generous financial support of $3 billion. This is a manifestation of the close fraternal ties between Pakistan and UAE which have always stood the test of time,” Mahmood tweeted.

The ADFD has financed eight development projects in Pakistan with a total value of Dh1.5 billion, including Dh931 million in grants. The funds covered projects in sectors such as energy, health, education and roads.

 

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