KARACHI: Pakistan has received $1 billion from the United Arab Emirates (UAE) as part of the support package meant to increase its foreign currency reserves. “USD one billion received from the UAE,” the State Bank of Pakistan (SBP) tweeted on Thursday evening.
The SBP added that the amount was received under an agreement signed on Tuesday, January 22, 2019 between Governor Tariq Bajwa and Abu Dhabi Fund for Development Director General Saif Al Suwaidi.
The receipt of $1 billion is part of the financial assistance package worth $3 billion in cash the UAE announced to stabilise Pakistan’s foreign currency reserves.
SBP spokesperson Abaid Qamar said another $1 billion is expected from Saudi Arabia in ongoing month. This would be the last trench of the total package the KSA awarded worth $3 billion in October 2018.
