Pakistan gets $1bn from UAE

The United Arab Emirates (UAE), one of the best friendly countries, on Tuesday deposited a second tranche of $1 billion into the State Bank of Pakistan’s (SBP) foreign currency reserves to help ease international payment pressure on Islamabad.

“Yes, we have received $1 billion from the UAE,” SBP spokesman Abid Qamar informed the media.

Previously, the UAE had declared 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 finance minister also said the country was set to get an overall of $4.1 billion from the UAE and China during the week that started on Monday. China has planned provide $2.1 billion at an interest rate of 2.5%.

The SBP reserves will swell to around $12 billion with the receipt of $4.1 billion. Total reserves of the nation would surge to around $19 billion , including those available with commercial banks in Pakistan, he said. The SBP reserves stood at $8.11 billion as on March 1, 2019, based on the central bank’s latest information.

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