Pakistan thanks UAE for depositing $1 billion with SBP

geourdunews July 18, 2023 in News - 2 Minutes

United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan (right) and Prime Minister Shahbaz Sharif pose for a photo before their meeting at Al Shati Palace. - UAE Presidential Court/File — United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan (right) and Prime Minister Shahbaz Sharif pose for a photo before their meeting at Al Shati Palace. – UAE Presidential Court/File

“The UAE’s support reflects Sheikh Mohammed’s deep affection for Pakistan.”
The Prime Minister reiterated his resolve to transform the relationship into a mutually beneficial one.
Both the leaders discussed furthering the economic cooperation.

Prime Minister Shehbaz Sharif thanked UAE President Sheikh Mohammed bin Zayed for depositing $1 billion in the State Bank of Pakistan (SBP) in a telephonic conversation on Tuesday.

A statement issued by the PM’s office said, “The Prime Minister expressed his deep gratitude for His Majesty’s steadfast support for the economic and financial stability of Pakistan, which certainly reflects His Majesty’s deep affection and care for the welfare of the people of Pakistan.” it shows.”

Last week, the United Arab Emirates deposited $1 billion in the central bank’s account as part of its financial commitment to help Pakistan secure the International Monetary Fund’s (IMF) bailout package.

The Washington-based lender last week approved a 9-month SBA loan of about $3 billion to Pakistan after reaching a staff-level agreement with the country.

“Today, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-by Arrangement (SBA) for an amount of SDR 2,250 million (about $3 billion or 111 percent of the quota) to support Pakistan. Gave. economic stabilization program of the authorities,” the global lender said in a statement.

Recalling his successful visit to the UAE in January, the official statement said the Prime Minister reiterated the common resolve of the leadership of the two countries to transform the bonds of brotherhood into mutually rewarding economic ties.

He expressed his gratitude to His Highness for the invitation to COP28 and appreciated the UAE’s role in combating climate change. Prime Minister Shehbaz also expressed satisfaction over the discussions on possible solutions to the challenges of climate change during the visit of COP28 President-elect to Pakistan on 6 July 2023.

“The two leaders discussed furthering economic, trade and investment ties and creating more opportunities for the Pakistani workforce in the UAE,” the statement said.

The two sides also exchanged views on a number of regional and international issues of mutual interest.

Pakistan and the UAE have a history of close ties, characterized by mutual trust and understanding, close cooperation and an enduring tradition of supporting each other.

The UAE is home to 1.7 million Pakistanis, who contribute to the progress, prosperity and economic growth of the two brotherly countries.