Lahore : Pakistan and the United Arab Emirates (UAE) on Tuesday signed a USD 3 billion bailout package, as part of Abu Dhabi’s support to boost the cash-strapped country’s dwindling dollar reserves.
The UAE in December last year had announced to provide USD 3 billion financial assistance to Pakistan after Saudi Arabia made a similar commitment to help Islamabad successfully overcome international payment crisis and to avoid a stringent International Monetary Fund (IMF) deal.
Tuesday’s agreement was signed between State Bank of Pakistan (SBP) chief Tariq Bajwa and Abu Dhabi Fund for Development (ADFD) Director General Mohammed Saif Al Suwaidi.
“UAE has formalized $3 billion deposit in the State Bank of Pakistan. DG ADFD & the Governor SBP inked the agreement at #ADFD Headquarters in Abu Dhabi,” Foreign Office spokesman Mohammad Faisal tweeted.