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UAE to provide $3 billion to Pakistan soon

ABU DHABI: The United Arab Emirates has announced to deposit $3 billion in the State Bank of Pakistan within a few days to help enhance liquidity in the country, a statement issued by the Abu Dhabi Fund for Development (ADFD) said on Friday.

The transfer of 11 billion dirhams by the government-owned Abu Dhabi Fund for Development is expected to be carried out in coming days, it added.

The amount will be released to support the financial and monetary policy of Pakistan, as it will enhance liquidity and foreign exchange reserves at the central bank, it said.

Pakistan is facing a widening balance of payments crisis and the rupee plunged almost five percent to a record low at the end of November, a sixth devaluation by the central bank last year.

Earlier, Pakistan has also secured $6 billion in funding from Saudi Arabia and struck a one-year deal for a cash lifeline during Prime Minister Imran Khan’s visit to the kingdom in October, while several other infrastructure projects are being financed by China under the China-Pakistan Economic Corridor.

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