Ministry of Finance has received one billion dollars from the United Arab Emirates, which is the part of the three billion dollars aid package announced by the UAE government for Pakistan.
In a statement, spokesman of Finance Ministry said the fresh assistance will go a long way in improving the balance of payment position of the government. The spokesman said the release of aid by the UAE government is a reflection of confidence of the international community in policies of the present government.
Earlier, the UAE had announced a $6-billion package for Pakistan in December 2018 including $3 billion in cash deposit and a credit line of another $3 billion for the supply of petroleum oil on deferred payment. The SBP reserves will swell to around $12 billion with the receipt of $4.1 billion. Total reserves of the country would surge to around $19 billion, including those available with commercial banks in Pakistan. UAE had earlier pledged $3 billion to support Pakistan overcome its balance of payment crisis.
Your email address will not be published. Required fields are marked *
25 May, 2019