Image

Sheikh Mohamed Bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, meets Imran Khan, Prime Minister of Pakistan, at the Presidential Palace in Abu Dhabi in this November file photo.

PHOTO BY WAM


UAE to deposit $3 billion in State Bank of Pakistan

 

DUBAI – The UAE will deposit $3 billion (Dh11 billion) in the State Bank of Pakistan to support the country’s financial and monetary policy, state news agency WAM reported on Friday (December 21).

According to the Abu Dhabi Fund for Development, the money will be deposited in the next few days to enhance the liquidity and monetary reserves of foreign currency at the bank.

Pakistan’s economic woes has led to a devalued currency, which dropped by more than a quarter of its value.

The UAE’s support for Pakistan’s fiscal policy is based on historical ties between the two countries, according to WAM.

“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,” Prime Minister Imran Khan said in a tweet on Friday. WAM/GAD/Expat Media

Share


ADVERTISE HERE Find or post new jobs, motor ads and classifieds

Explore Expat Media