UAE to deposit US$3 billion in State Bank of Pakistan

December 21, 2018: The United Arab Emirates has announced its intention to deposit US$3 billion (equivalent to AED11 billion) in the State Bank of Pakistan to support the financial and monetary policy of the Islamic Republic of Pakistan.

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 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. The funds covered projects in sectors such as energy, health, education and roads.

“I want to thank the UAE govt for supporting Pakistan so generously in our testing times. This reflects our commitment and friendship that has remained steadfast over the years” Prime Minister Imran Khan said on a social media platform.

Foreign Minister Shah Mahmood Qureshi thanked His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on the twitter for the financial support. In his tweet he said, "We thank His Highness Sheikh Mohamed bin Zayed for his generous financial support of US$ 3 Billion. This is a manifestation of the close fraternal ties between Pakistan and UAE which have always stood the test of time."

Prime Minister Imran Khan visited the UAE in November and met Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed and Deputy Supreme Commander of the Armed Forces. It was his second visit to Abu Dhabi in three months since he assumed office in August.