UAE transfers $1bn to boost Pakistan's liquidity, reserves
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The United Arab Emirates (UAE) government on Thursday transferred a tranche of US$1 billion to State Bank of Pakistan's (SBP) account, Radio Pakistan reported.
According to a statement issued by SBP, the "amount was received under an agreement signed on Tuesday, January 22, 2019, by SBP Governor Tariq Bajwa and the director general of Abu Dhabi Fund for Development".
It is the first tranche of the $3 billion announced for improving Pakistan’s foreign currency reserves following Prime Minister Imran Khan's visit.
Last month, the UAE had 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 country".
The Abu Dhabi Fund for Development had said that it will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the bank.
Previously, 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, added WAM. The funds covered projects in sectors such as energy, health, education, and roads.
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Comments (48) Closed
Jan 24, 2019 11:40pm
This UAE loan is much better than the IMF loan... opposition should now shut up and help IMRAN Khan to rebuild Pakistan!!
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Jan 24, 2019 11:49pm
We should start building the dam now.
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Jan 24, 2019 11:57pm
So PTI doing exactly the opposite of what it Promised. How is this different from what Nawaz Sharif was doing?
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Jan 25, 2019 12:21am
Why it is Deposit? What is interest rate? Are we going to pay back interest in USD?
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Jan 25, 2019 12:35am
More loans, cheers!
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Jan 25, 2019 12:39am
More loans!
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Jan 25, 2019 12:49am
Raza, this is much better then going to IMF. Interest rate is lower, their are no strings attached and the government can spend the money on welfare of people instead of spending on Sharif's and Zardari.
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Jan 25, 2019 01:05am
I think It's time for imran government to do some solid step to tackle pakistan economy . its time to take hard decision For the betterment of pakistan if this government do nothing for us than we will find a new political Force and its take two decades..
i personally hope for best do what do u want to do for pakistan ..........
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Jan 25, 2019 01:34am
@Syed , Nawaz was channeling the money for his own interests that’s why Pakistan is virtually bankrupt.
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Jan 25, 2019 01:38am
Real shame we have to resort to this when you consider those politicians and business men facing Nab enquirys have billions to bail Pakistan out with enough change left over to rebuild infrastructure, hospitals and the education system. These are the same men who became rich at the cost of the poor and ultimately our economy.
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Jan 25, 2019 01:51am
@Raza, - Yes Sir, there will be interest in USD and probably some other benefits to countries depositing money like soldiers for Yemen war, etc.
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Jan 25, 2019 02:01am
@WARRIs, That's a far cry my brother. The opposition is not interested in Pakistan. They are interested only in ways on how to steal what Pakistan possess.
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Jan 25, 2019 02:06am
Bravo. This is surely a grant. Thanks to PMIK
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Jan 25, 2019 02:34am
Free money?
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Jan 25, 2019 02:50am
While loans from friendly government can give temporary relief, it is important that the Government of Imran Khan launch serious reforms like land reforms and introduce heavty industries in the country.
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Jan 25, 2019 03:15am
@Syed , "How is this different from what Nawaz Sharif was doing?"
This money will not be laundered off into offshore accounts to help purchase expensive properties. That's the basic difference.
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Jan 25, 2019 03:22am
No friendly country ever gave this much support to nawaz especially UAE nd Saudis.
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Jan 25, 2019 03:39am
@Syed , Nawaz Shareef went to imf hands down, without thinking about it's effects on poor.
Imran wants to break the cycle that every new "democratic" govt should go to imf.
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Jan 25, 2019 03:41am
What are the terms for this loan?
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Jan 25, 2019 03:50am
Just do not forget. This $1 Billion loan would have to be repaid with interest.
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Jan 25, 2019 03:56am
@Raza, don't worry you are not going to pay
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Jan 25, 2019 03:58am
@Syed , Nawaz Sharif did nothing except escaping from time to time and enjoyed the world.
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Jan 25, 2019 04:32am
Why this drip feed? Why go begging for small sums? Why is it news every time 1bn is 'given ? Why not just go to imf and get all the money in 1 go? What is in the cpec terms which needs to be kept so secret? So many questions....
IK by simply sticking to his poll promise (No imf) is doing more damage to the economy and nation's psyche - this is 1 u turn he needs to make!
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Jan 25, 2019 04:46am
Great going. Aid from Saudi and Now UAE will help in stabilizing the economy.
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Jan 25, 2019 04:51am
@Raza, of course! There are no free lunches!
Work hard!
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Jan 25, 2019 04:58am
dont.look for it IKs account, it is in the state bank account. if zardari, expected 37 percent in his benami accounts, including for his son.
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Jan 25, 2019 04:59am
@Syed , you cannot read!
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Jan 25, 2019 05:07am
@Raza, no ir is free money bro.
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Jan 25, 2019 05:08am
1 billion will be gone in a month or two. What is next..
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Jan 25, 2019 05:23am
It should be interest free. Because both are islamic countries.
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Jan 25, 2019 05:31am
Free dollars! Good to hear that IK is doing what’s great for country! No more bowing to IMF.
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Jan 25, 2019 06:13am
@Mushtaq, This money is to pay for imports.... mobile phones and cars ..... not for Dams!!
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Jan 25, 2019 06:16am
@WARRIs, This is the way you will build the country? Good luck.
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Jan 25, 2019 06:26am
@Syed , the military and political leadership robbed the country blind for 71 years. IK does not have a magic wand to solve all the problems facing the country in few months. With good governance it will take at least 20 years before we will see a change in Pakistan. There is corruption at every level of the government.
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Jan 25, 2019 06:34am
@WARRIs, End of the day it is loan. Without creating wealth I don't know how IK will "rebuild" the country by taking loans.
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Jan 25, 2019 06:44am
Congratulations!!
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Jan 25, 2019 07:07am
@WARRIs, they will still go to IMF.
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Jan 25, 2019 07:08am
Transferred ..wow. As though a grant.It is a loan and Pakistan would be look else where after some time to repay this.
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Jan 25, 2019 07:09am
@Syed , N S was pocketing in his own pocket,and I K putting it back in the PAK treasury,just a slightly different if you can see
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Jan 25, 2019 07:22am
can we see a day where pak is doing monetary benefits to world community
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Jan 25, 2019 07:47am
Why so many countries are clamouring to bail out Pakistan, providing loans, investing and infrastructure. Where were all these countries till now. What are the terms, interest rates, time to repay, penalty if repayment will be delayed, strings attached.
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Jan 25, 2019 08:58am
Exploited by own people and aided by foreign countries. What if there had been no external aids and still there's a need to go to IMF.
Why can't those be held responsible who made Pakistan reach this miserable state.?
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Jan 25, 2019 09:06am
Actual work is still being ignored and that is to think about a solution for standing on our own .
Punishment to those whose personal accounts grew immensely but the overall progress of the country stopped.
Those people who betrayed Pakistan are enjoying lavishly while plenty are paying the penalty.
The point to ponder is this country had so much money and chances to make money that's why some made billions of billions at the cost of poverty of millions of people.
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Jan 25, 2019 09:16am
This amount will be siphoned away on foreign visits to catch more loans.
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Jan 25, 2019 09:17am
Loans to pay loan in order to avoid loan.
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Jan 25, 2019 09:32am
@ZAK, given you escaped you’re not going to pay either. While you have amazing nationalistic comments to make and blame the west, that’s exactly where you went to earn money and live. Why don’t you return home and give up living in the west that you blame?
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Jan 25, 2019 09:33am
@Syed , the money was going in his private collection...
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Jan 25, 2019 01:25pm
@jamal, "What are the terms for this loan?" Did you know the terms of the previous ones? Can you please explain them? Then we may be able to explain about these ones?
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